KUALA LUMPUR: Marine & General Bhd ‘s wholly-owned subsidiary M&G Tankers Sdn Bhd has disposed of a vessel, JM Sutera 5, to Kalianda Permata Transport Pte Ltd, Singapore, for US$5.5mil (about RM26.21mil) cash.
The group said in a filing with Bursa Malaysia the cost of investment for JM Sutera 5 was US$5.42mil with a net carrying value of US$4.36 mil as at March 26, 2024.
The vessel was last valued in January 2023 at US$4.2mil.
“The net disposal proceeds will provide part of the financing required for M&G’s fleet optimisation strategy. M&G intends to reinvest in new chemical tankers to renew its vessel fleet.
“Actual decision on the reinvestment will be dependent on market demand and charterer requirements,” said Marine & General.
It said the gain on disposal of the vessel amounting to approximately US$1.09mil (about RM5.15mil) will contribute positively to the earnings, net assets and gearing of the group.