KUALA LUMPUR, Jan 12 (Bernama) -- Vantris Energy Bhd’s indirect wholly-owned subsidiary, Sapura Nautical Power Pte Ltd, will divest its 40 per cent equity interest in L&T-Sapura Shipping Pvt Ltd to its India-based joint venture partner Larsen &Toubro Ltd for a total disposal consideration of US$30.5 million (US$1 = RM4.05).
The total disposal will consist of US$13.6 million in cash and US$16.9 million in full repayment of the outstanding shareholders’ loan, including accrued interest.
In a filing with Bursa Malaysia, Vantris Energy said the disposal is part of the company’s ongoing portfolio optimisation and long-term strategy to focus on core assets, with the proposed disposal expected to be completed by Jan 31, 2026.
“The LTS3000 vessel has no secured utilisation for the company in the near to medium term, and continued ownership would expose the company to potential future liabilities arising from under-utilisation.
“The proposed disposal will enable the company to avoid such potential liabilities and prioritise the deployment of its wholly owned assets for project execution,” it said.
The company said that the divestment is expected to reduce its losses, as it will no longer be required to recognise the recent losses of the joint-venture company in its financial results.
Meanwhile, in a statement, Vantris Energy group chief executive officer Muhammad Zamri Jusoh said the divestment aligns with the organisation’s transformation priorities.
“This divestment is another step forward in reshaping Vantris Energy into a more focused, agile and financially resilient organisation.
“As we realign our portfolio, we are steering capital and attention towards the businesses, assets, and regions where we can compete with strength and deliver sustainable value,” he said.
Muhammad Zamri said the net proceeds from the proposed disposal will be utilised for operational requirements of the company’s engineering and construction, and operations and maintenance businesses over the next 24 months.
Following the divestment of its stake in LTS3000, Vantris Energy has four heavy-lift and pipelaying vessels remaining in its fleet, all of which are wholly owned.
The group owns and operates a total of twelve offshore construction vessels and barges under its engineering and construction arm, capable of shallow and deep-water transportation and installation and subsea services.
-- BERNAMA
