Tuesday, 24 April 2012

Tanjung Offshore up 4% on marine unit disposal

KUALA LUMPUR (April 24) : TANJUNG OFFSHORE BHD [] shares gained as much as 4.3% following updates that the firm plans to sell its marine oil and gas support services unit to a major shareholder.

The stock rose four sen to 97 sen before settling lower at RM92.5 sen at lunch break with some three million shares done.

Tanjung Offshore said it plans to sell its entire stake in wholly-owned Tanjung Kapal Services Sdn Bhd to local private equity firm Ekuinas for RM220 million. Ekuinas owns 24% ofTanjung Offshore.

The exercise will also see Tanjung Kapal settling some RM44 million worth of advances from Tanjung Offshore, according to the seller. Tanjung Offshore had cash of RM21.85 million as at December 31, 2011 versus debt obligations of RM348.55 million, translating into a net debt of RM326.7 million, its balance sheet shows.

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