Semua Shipping ceasing operations, says Hoe Leong Corp

HOE Leong Corporation, which has a stake in Semua International, on Friday said that the latter's Semua Shipping has decided to cease its operations and dispose of its vessels.

As such, the deal Semua International had made with R&A Telecommunication Group earlier this year - which involved a non-binding term sheet for the disposal of 100 per cent equity interest in Semua Shipping - will not be materialising.

Said Hoe Leong in a Singapore Exchange (SGX) filing: "The parties involved have mutually agreed not to proceed with the transaction."

Semua International is a major Malaysian oil tanker and transport logistics company.

Hoe Leong added that it will be reviewing the financial impact of this in its quarterly results for Q3 FY16.