KUALA LUMPUR (Oct 12): Marine & General Bhd (M&G) has received shareholders’ approval pertaining to its 70%-owned subsidiary Jasa Merin (Malaysia) Sdn Bhd’s (JMM) debt restructuring and completed the requisite debt restructuring processes.

Through the restructuring, JMM’s borrowings are now on terms that are more sustainable in the face of the challenging period in the oil and gas industry.

“The restructuring, although undertaken before the recent decline in demand, should nevertheless enable JMM to be better positioned in the upstream marine logistics segment and improve its underlying viability going forward,” M&G said in a filing with Bursa Malaysia today.

M&G had successfully concluded its 23rd Annual General Meeting today, where all six ordinary resolutions presented for consideration were approved by shareholders.

In the same filing, M&G reported that the group posted consolidated revenue of RM213.6 million for the financial year ended April 30, 2020.

“On an annualised basis, the revenue recorded for the financial year ended 2020 was a 22 per cent increase over the previous period, mainly driven by higher charter activities at the upstream division.”

The group recorded a lower pre-tax loss of RM65.5 million during the current financial year compared to RM108.1 million in the previous 16-month period.

Apart from that, vessel utilisation was about 70%, a minor increase from the 62% utilisation level recorded in the previous year.