BUSINESS

PETRA ENERGY'S UNIT DISPOSES OF VESSEL FOR RM18.45 MLN

15/12/2023 03:44 PM

KUALA LUMPUR, Dec 15 (Bernama) -- Petra Energy Bhd’s wholly-owned unit Petra Marine Sdn Bhd has inked a memorandum of agreement with Great Sky Investments Corporation, a company nominated by Seychelles-based Star Chance Ltd, for the disposal of a vessel named Petra Lyra for US$3.95 million (RM18.45 million) cash.

In a filing with Bursa Malaysia today, Petra Energy said the proposed disposal was timely as it allowed the company to monetise non-performing assets and crystallised the value of the vessel at a reasonable price.

“At the same time, the disposal will result in future savings in terms of annual laid-up costs, reactivation and dry-docking,” it said. 

Petra Energy said part of the proceeds from the disposal would support the group's working capital needs, with the remainder dedicated to distribution as a special dividend among shareholders.

It noted that the proposed disposal is expected to be completed by Dec 27, 2023. 

In a separate filing, Petra Energy announced a special single-tier dividend of 4.0 sen per share for the financial year ending Dec 31, 2023, payable on Feb 14, 2024. 

-- BERNAMA


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