Sindora plans US$4.2m vessel sale

INDORA Bhd has proposed to dispose of a vessel, the MT Nautica Segamat, a liquid petroleum gas carrier for a total cash consideration of US$4.2 million (approximately RM14.38 million).

In a filing to Bursa Malaysia, Sindora said its 51 per cent subsidiary, EA Technique (M) Sdn Bhd, has entered into a memorandum of agreement (MoA) with Lucky Marine Co Ltd for the sale of the vessel.

It said approximately RM10.33 million from the sale consideration would be used to reduce borrowings and the balance utilised to meet EA Technique's working capital requirements.

The proposed sale forms part of its fleet renewal plan involving the disposal of older vessels and would also enable EA Technique to focus on other areas of business which are more profitable.
Sindora said the sale is expected to be completed within the fourth quarter of this year. - Bernama