M&G

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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 made by the Company on 4 April 2024.

 

The Company would like to further break down the utilisation of the net disposal proceeds arising from the disposal of the two clean petroleum product ("CPP") tankers by the Company’s wholly-owned subsidiaries namely TKH Marine (L) Ltd. (“TKH”) and M&G Tankers Sdn. Bhd. (“MGT”). As explained previously, the net disposal proceeds from the disposal of the tankers amounted to RM51 million.  A portion of this was utilised as follows:

 

Item

 

Amount Utilised

(RM,000)

Repayment of vessel financings by MGT

6,000

Repayment of shareholder’s loan by TKH

4,100

Redemption of preference shares by MGT

6,600

Working capital for TKH, MGT and Jasa Merin (Labuan) Ltd.

5,300

Total

22,000

 

As mentioned in the previous announcement, the remaining proceeds from the disposal of the vessels amounting to RM29 million will provide part of the financing required for M&G’s fleet renewal and optimisation strategy. This strategy is part of the initiative to replace its aging CPP tankers and replace it with a more versatile chemical tanker or a newer CPP tanker that meet charterers requirements taking into account new environmental considerations.

 

A further announcement will be made when the renewal and optimisation programme is firmed.

 

This announcement is dated 9 April 2024.






Announcement Info

Company Name MARINE & GENERAL BERHAD
Stock Name M&G
Date Announced 09 Apr 2024
Category General Announcement for PLC
Reference Number GA1-09042024-00078