KUALA LUMPUR: Bumi Armada Bhd
is promoting subsidiaries which personal three ice class ships for US$44.5mil (RM186.6mil) money to Russian oil and fuel big PJSC Lukoil.
Ice class ships are able to sustaining protected and environment friendly navigation in ice-infested waters.
The three ships, specifically, the Bumi Uray, Bumi Pokachi and Bumi Naryan Mar vessels have been working for Lukoil-Nizhnevolzhskneft Ltd within the Caspian Sea, Russia since 2016 underneath three constitution occasion contracts.
In a submitting with Bursa Malaysia, the worldwide offshore vitality amenities and companies supplier mentioned the ships are owned by three wholly-owned oblique subsidiaries of Bumi Armada, which along with Bumi Armada Marine LLC, are collectively known as the ice class vessel firms.
The group mentioned its subsidiaries Bumi Armada Singapore Holdings Pte Ltd, Bumi Armada Offshore Contractor Ltd and Bumi Armada Russia Holdings Ltd had yesterday entered right into a sale and buy settlement on the disposal of the businesses, with AC Management Co Ltd and KN Holding Ltd that are each wholly-owned by PJSC Lukoil.
For the 9 months ended Sept 30, 2021, the ice class vessel firms recorded a mixed loss after tax of RM56.6mil and have mixed web belongings together with capital contribution of RM219.9mil.
The proposed deal, which is due to be accomplished by the primary quarter of this 12 months, is anticipated to lead to a loss on disposal of subsidiaries of RM25mil to Bumi Armada.
The group mentioned the proposed deal was in keeping with its strategic plans and intention to exit the offshore marine companies enterprise.
“It will also generate cash inflow to enable Bumi Armada to repay and reduce its corporate debt.
“It will allow the group to redeploy and focus its resources on its core activities,” mentioned the group.
About US$38mil (RM159.3mil) of the proceeds from the deal will probably be used to scale back the group’s company debt whereas the stability US$6.5mil (RM27.25mil) will probably be retained for working capital functions.
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