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Tanjung Offshore to sell marine business for RM220m to major shareholder
by hlk Mon 23 Apr 2012, 20:24
KUALA LUMPUR: Tanjung Offshore Bhd is selling its marine business to its major shareholder E-Cap (Internal) One Sdn Bhd for RM220mil under a demerger exercise.
It said on Monday it would dispose of its entire stake in its unit Tanjung Kapal Services Sdn Bhd which owns and operates offshore support vessels.
Tanjung Kapal would also settle the advances from Tanjung of about RM43.8mil.
"Tanjung intends to distribute approximately RM130mil out of the total proceeds arising from the proposed disposal to its shareholders," it said.
Tamjung Offshore said after the completion of the proposed disposal, it would only have the non-marine business, comprising the equipment, engineering and maintenance services division.
"It is expected that the proceeds from the proposed disposal will assist the group in raising the much needed funds to turnaround the non-marine business which Tanjung is currently undertaking," it said.
It said on Monday it would dispose of its entire stake in its unit Tanjung Kapal Services Sdn Bhd which owns and operates offshore support vessels.
Tanjung Kapal would also settle the advances from Tanjung of about RM43.8mil.
"Tanjung intends to distribute approximately RM130mil out of the total proceeds arising from the proposed disposal to its shareholders," it said.
Tamjung Offshore said after the completion of the proposed disposal, it would only have the non-marine business, comprising the equipment, engineering and maintenance services division.
"It is expected that the proceeds from the proposed disposal will assist the group in raising the much needed funds to turnaround the non-marine business which Tanjung is currently undertaking," it said.
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