LFG Unit To Acquire Vessel For US$13.25 Mln

KUALA LUMPUR, Aug 20 (Bernama) -- Lianson Fleet Group Bhd’s (LFG) indirect wholly-owned subsidiary Kangsar Corporation Pte Ltd has entered into a memorandum of agreement to acquire a vessel MV Moana BAQ for a cash consideration of US$13.25 million (RM55.95 million). 

The group told Bursa Malaysia today that it proposed to fund the acquisition with internal funds and bank borrowings.

The vessel is a Panama-flagged Supramax bulk carrier built in 2012 with a deadweight tonnage of 56,625 metric tonnes, gross tonnage of 32,964, and net tonnage of 19,142, LFG said. 

“The group has sufficient internal funds to fully meet the purchase consideration, if required. Nevertheless, LFG is in discussions with lenders to finance up to 70 per cent of the vessel’s purchase consideration, to optimise the group’s capital structure and preserve financial flexibility,” it added.

LFG said the acquisition is in line with its strategy to diversify beyond the offshore support vessels sector and strengthen recurring income streams through other vessel asset classes with long-term charter potential. 

-- BERNAMA