You are here

Manhattan Resources to sell 44 vessels for 170b rupiah

31_40106964 - 06_10_2016 - GLOBAL-CENBANK_EMERGING.jpg
MANHATTAN Resources is selling 22 tugs and 22 barges to PT Karunia Samudera Lines of Indonesia for 170.6 billion rupiah (S$18 million) in cash, according to an announcement on Tuesday after the market closed.

MANHATTAN Resources is selling 22 tugs and 22 barges to PT Karunia Samudera Lines of Indonesia for 170.6 billion rupiah (S$18 million) in cash, according to an announcement on Tuesday after the market closed.

Manhattan, a coal and oil and gas contractor, said that the vessels incurred a net loss of S$2 million in the half-year ended June 30, 2016. Manhattan will use the net proceeds from the sale of the loss-making assets for general purposes and working capital as it shifts towards power plant and property businesses in China.

The purchase consideration matches an independent valuation of the vessels, and represents a premium of about 60 per cent to the vessels' S$10.7 million book value as at June 30, 2016. If the sale is completed, Manhattan expects to recognise a S$7.3 million gain on disposal.

sentifi.com

Market voices on:

grab

Receive $80 Grab vouchers valid for use on all Grab services except GrabHitch and GrabShuttle when you subscribe to BT All-Digital at only $0.99*/month.

Find out more at btsub.sg/promo

Powered by GET.comGetCom