Manhattan Resources unit to sell two-thirds of vessel fleet for 170.6b rupiah

Singapore

A WHOLLY owned subsidiary of Manhattan Resources is selling two-thirds of its vessel fleet 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 22 tugs and 22 barges 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.