EA Technique seeks shareholders’ approval to sell vessels for RM60.12m

Friday, 05 Aug 2022 8:35 PM MYT

KUALA LUMPUR, Aug 5 — EA Technique (M) Bhd (EATECH) has sought shareholders approval to dispose of three marine vessels for RM60.12 million.

In a filing with Bursa Malaysia today, the company said Nautica Kota Tinggi will be sold to Petrolem Gulf Energy Trading LLC for US$4.65 million (RM20.69 million) following their memorandum of agreement (MoA) in June, while Nautica Maharani and Nautica Muar will be sold to non-related third parties to be identified later for at least US$4 million (RM17.8 million) and US$4.86 million, respectively.

The PN17 status company said it is in discussions with brokers to source for potential buyers for Nautica Maharani and Nautica Muar.

EATECH aims to find buyers for the two vessels within six months of getting shareholders approval, failing which the approval will lapse and an extraordinary general meeting convened to seek re-approval, the filing said.

The disposals will give EATECH the opportunity to streamline its fleet of vessels and realise the value of its non-profit generating assets.

The exercise is expected to result in a disposal gain of at least RM1.15 million. The company has earmarked proceeds raised to be used for the purchase of vessel/s (RM18 million) and for working capital (RM39.44 million).

“This is expected to bode well for EATECH in its efforts to regularise its condition as a PN17 company,” the filing said. — Bernama