KUALA LUMPUR: Petra Energy Bhd
and its wholly-owned subsidiary Petra Marine Sdn Bhd has entered into a memorandum of agreement with Great Sky Investments Corpoation for the disposal of a vessel named Petra Lyra for US$3.95mil (RM18.45mil) cash.
Petra Energy said in a stock exchange filing the vessel is an accommodation work barge built in 2009 that sails under the Malaysian flag.
"The disposal is timely as it allows PEB to monetise non-performing asset within the Group and crystalise the value of the vessel at a reasonable price.
"At the same time, the disposal will result in future savings in term of annual laid-up costs, reactivation and dry-docking," it added.
Petra Energy said part of the proceeds from the disposal would go towards the group's working capital needs, with the remainder dedicated to distribution as a special dividend among shareholders.
It noted that the proposed disposal is expected to be completed by Dec 27, 2023.
In a separate filing, Petra Energy announced a special single-tier dividend of four sen per share for the financial year ending Dec 31, 2023, payable on Feb 14, 2024.
