M&G

0.275

+0.01 (+3.8%)

OTHERS MARINE & GENERAL BERHAD ("M&G" OR "THE COMPANY") - DISPOSAL OF VESSELS BY THE WHOLLY OWNED SUBSIDIARIES OF M&G

MARINE & GENERAL BERHAD

Type Announcement
Subject OTHERS
Description
MARINE & GENERAL BERHAD ("M&G" OR "THE COMPANY")
-	DISPOSAL OF VESSELS BY THE WHOLLY OWNED SUBSIDIARIES OF M&G

Reference is made to the announcements by the Company on 26 December 2023, 4 January 2024 and 26 March 2024.

 

The Company would like to clarify that the net disposal proceeds from the disposal of the two clean petroleum product ("CPP") tankers, namely JM Sutera 5 being a 17 year old tanker, and JM Sutera 7 being a 15 year old tanker, amounted to RM51 million.

 

After repayment of vessel financings, shareholder’s loan, redemption of preference shares and utilisation for working capital, the balance of the proceeds amount to RM 29 million. This sum will provide part of the financing required for M&G’s fleet renewal and optimisation strategy to replace its aging CPP tankers. M&G plans to renew its fleet by investing in additional chemical and CPP tankers that meet charterers requirements and taking into account environmental considerations.

 

The Board expects the renewal and optimisation programme to take approximately 2 years. However, the actual decision on the renewal and optimisation can only be finalised after decisions are made by prospective clients.

 

This announcement is dated 4 April 2024.






Announcement Info

Company Name MARINE & GENERAL BERHAD
Stock Name M&G
Date Announced 04 Apr 2024
Category General Announcement for PLC
Reference Number GA1-03042024-00058