NauticAWT disposes of loss-making Papua New Guinea unit

SUBSEA engineer NauticAWT's 60.75 per cent-owned Malaysian unit has sold off a loss-making Papua New Guinea subsidiary for RM1 (S$0.32), the group said in a Singapore Exchange filing on Wednesday.

It said the Papua New Guinea company, AWT International (PNG), had net liabilities of S$1.1 million and had a net loss of S$66,000 as at Nov 30 this year.

Selling it was part of the group's internal restructuring and in line with the group's cessation of operations in Papua New Guinea, it added.