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Beng Kuang to sell loss-making subsidiary's vessels for $6.3 mil

Michelle Zhu Published on Tue, Jun 05, 2018 / 5:54 PM GMT+8

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SINGAPORE (June 5): Beng Kuang Marine’s wholly-owned subsidiary, PT Marina Shipping (PTMS), has agreed to sell four sets of its tugs and barges to Indonesian company PT Quanta Indonesia for a total of $6.3 million.

Currently, PTMS, which charters tugs and barges mainly in Indonesia, owns a fleet of vessels comprising eight tugs and six barges that are all flagged in Indonesia.

Beng Kuang was granted a waiver on April 10 from SGX, which allows the group to proceed with the sale of the four sets of tugs and barges without having to obtain shareholder approval.

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Beng Kuang to sell loss-making subsidiary's vessels for $6.3 mil