Malaysian Bulk Carriers to obtain shareholders mandate to sell bulk carrier within a year

KUALA LUMPUR: Malaysian Bulk Carriers Bhd proposes to get shareholder's mandate to dispose of a bulk carrier, Alam Kekal, to a yet to be identified party at an indicative disposal price of US$30 million, to finance future business expansion opportunities.

It is seeking a one year period to execute the deal.

Alam Kekal was one of three vessels ordered by the group in 2016 as part of a portfolio rebalancing exercise and to maintain a modern fleet of more fuel efficient economical vessels.

Malaysian Bulk Carriers said the disposal of Alam Kekal is in line with the group's strategy to reduce its overreliance on its existing core business which is subject to fluctuations in ship charter rates which are beyond the group's control.

On January 18, 2023, Malaysian Bulk Carriers entered into a share sale agreement with Grand East Metal (Kulim) Sdn Bhd and Goh Ting Hong for the acquisition of 100% equity interest in EMT Systems Sdn Bhd for RM70 million.

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