The Board of Directors of Hubline wishes to announce that it has today completed the disposal of its entire business and equity interest comprising 47,800,000 ordinary shares of RM 1.00 in Hub Continental Shipping Sdn Bhd (“HCS”) to Lanacove Sdn Bhd, for a total cash consideration of RM 1.00 (“Disposal”).

HCS, a company incorporated in Malaysia and was principally and originally a ship owner and charterer.  In tandem with the exit from the container shipping business by the Group in 2015, HCS disposed its vessel at that time.  Since then, HCS has been dormant. 

Consequent to the sale, HCS will cease to be a subsidiary of Hubline, either directly or indirectly.

The sale consideration was determined on a willing buyer-willing seller basis.

The sale is expected to result in a gain on disposal of approximately RM 16 million for the financial year 30 September 2021.

None of the Directors, major shareholders or persons connected to the Directors and/ or major shareholders of the Company has any interest, direct or indirect, in the transaction.

This announcement is made pursuant to Chapter 10, paragraph 10.05(2) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad whereby this announcement is voluntary.

This announcement is dated 28 December 2020.