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OTHERS DISPOSAL OF VESSEL BY TKH MARINE (L) LTD., AN INDIRECT WHOLLY OWNED SUBSIDIARY OF M&G

MARINE & GENERAL BERHAD

Type Announcement
Subject OTHERS
Description
DISPOSAL OF VESSEL BY TKH MARINE (L) LTD., AN INDIRECT WHOLLY OWNED SUBSIDIARY OF M&G

Further to the announcement on 26 December 2023, the Board of Directors of Marine & General Berhad (“M&G”) wishes to provide further details in relation to the disposal of JM Sutera 7 (“the Disposal”).

 

The cost of investment for JM Sutera 7 was USD4.7 million with the net book value recorded at USD3.2 million as at 30 November 2023.

 

The disposal price of JM Sutera 7 of USD5.8 million was arrived at a net proceed of USD5.2 million, plus the estimated disposal costs of USD600,000 comprising mainly the brokerage, legal and escrow agent fees etc. JM Sutera 7 was last valued in April 2023 at USD4.2 million. 

 

The net disposal proceeds will provide part of the financing required for M&G to reinvest in new chemical tankers as part of the Group strategy to renew its vessel fleet. Actual decision on the reinvestment will be dependent on market demands and charterer requirements.

 

This announcement is dated 4 January 2024.






Announcement Info

Company Name MARINE & GENERAL BERHAD
Stock Name M&G
Date Announced 04 Jan 2024
Category General Announcement for PLC
Reference Number GA1-04012024-00033



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