PETALING JAYA: Marine & General Bhd
(MGB) is acquiring a vessel, JM Sutera 9, from Muhibbah Engineering (M) Bhd for RM55.19mil.
In a filing with Bursa Malaysia, MGB said the vessel is a clean petroleum product tanker built in Malaysia in 2022 with an expected lifespan of 25 years.
It is currently being chartered by MGB’s wholly owned subsidiary, wholly-owned subsidiary, M&G Tankers Sdn Bhd, under a bareboat charter.
“The purchase consideration was arrived at on a willing buyer, willing seller basis, after taking into account the original selling price for the vessel of RM65mil in 2022, its current age of approximately three years and earnings potential of the vessel.”
MGB said it intends to use up to RM25mil of its internally generated fund for the acquisition, whilst the balance will be funded via bank borrowing.
