PETALING JAYA: Scomi Marine is proposing a disposal of four companies for RM538.3 million to its 80.54%-owned Indonesian subsidiary PT Rig Tenders Indonesia Tbk for RM538.3 million.
The disposal involves CH Logistics Pte Ltd, CH Ship Management Pte Ltd, Grundtvig Marine Pte Ltd and Goldship Private Ltd which collectively owned 27 tugs and 24 flat top barges.
As part of the related-party exercise, Scomi Marine would renounce all of the company's entitlement to Portside Offshore Inc and PT Revessel Indonesia while PT Rig Tenders would undertake a renounceable rights issue to partly fund the acquisition.
Scomi Marine's board said in an announcement to Bursa Malaysia Friday that the environment has become increasingly challenging for the marine logistics and offshore support vessel businesses in light of the changes to Indonesia's regulations relating to ownership, intensifying competition and pressures on charter rates.
In addition, significant capital expenditure outlay is expected to be incurred to replace vessels and to invest in new business opportunities, the board said.
The board added that a strategic investor was essential in growing the businesses, both from a financial and operational perspective.
Given the specialised nature of the businesses and the unique ownership criteria required, the board feels that Portside and PT Revessel will be in a better position to expand the business activities of the enlarged PT Rig Tenders, it said.
The board said Scomi Marine would continue to participate in the businesses' upside potential through its equity interest in PT Rig Tenders upon completion of the Proposals.
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