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Shareholders of Pan-United agree to sale of tug and barge business
SHAREHOLDERS of Pan-United Corporation Ltd approved the group's proposal to divest its tug and barge business under two subsidiaries for S$29.92 million in cash at an extraordinary general meeting held on Wednesday.
The divestment of Pan-United Shipping Pte Ltd (PUS) and PU Vision Pte Ltd (PUV) to controlling shareholders, who are also members of the founding Ng family, is expected to be completed in December.
The purchaser is an investment holding company wholly owned by Jane Kimberly Ng Bee Kiok, Ng Bee Bee and Ng Han Whatt. Ms Ng Bee Bee is the chief executive officer of the company, while Ms Jane Ng is an executive director.
The 12 tugboats and 10 barges owned by the two subsidiaries are valued at S$23.8 million as of Sept 28 and their unaudited net book value was S$26.95 million as of Sept 30.
Pan-United said it intends to use the proceeds from the sale to fund future projects and for working capital needs.