Marine & General sells 40% stake in sub-unit

“The subscription consideration is justified as it is the outstanding sum of JMS8 and represents the proportionate contribution by MEB in respect of their shareholding in the enlarged share capital of MGS8, ” said Marine & General in a filing with Bursa Malaysia.

PETALING JAYA: Marine & General Bhd has disposed of 40% equity interest in its sub-subsidiary M&G Sutera 8 Sdn Bhd to Muhibbah Engineering (M) Bhd (MEB) for RM21.84mil.

The subscription sum represents the amount still owed to MEB for the construction of the JM Sutera 8 chemical tanker (JMS8). M&G Sutera 8 had last year made payment of RM32.76mil to MEB to partially settle the contract amount of RM54.6mil.