KUALA LUMPUR: Marine & General Bhd
's indirect wholly-owned subsidiary, TKH Marine (L) Ltd, today disposed of its vessel, JM Sutera 7, for US$5.8 million (RM27.2 million) cash to an external party, Narsimhaa Shipping Inc, Liberia, on a willing buyer and willing seller basis.
In a filing with Bursa Malaysia, it said the disposal of the vessel would enable the group to realise its original investment in the vessel that it acquired back in March 2018.
"At the same time, the proceeds from the disposal will enable the company to reinvest in its fleet rejuvenation to better serve its customers going forward.
"Gain on disposal of the vessel amounting to US$2 million (RM9 million) will contribute positively to the group earnings, net assets and gearing of the group,” it said. - Bernama
