PETALING JAYA: Malaysian Bulk Carriers Bhd (Maybulk) is proposing to dispose of a bulk carrier, Alam Kekal, to Japan-based Tokyo Century Corp (TCC) RM140mil.

In a filing with Bursa Malaysia, Maybulk said its indirect wholly-owned subsidiary, Kekal Shipping Pte Ltd, had entered into a memorandum of agreement (MoA) with TCC on Aug 30 for the proposed disposal.

“The board of directors are of the opinion that the MoA is in the best interest of the group and the terms and conditions of the MoA are fair, reasonable and on terms that are not detrimental to the interest of the minority shareholders of the company,” it said.