KUALA LUMPUR (Sept 5): Malaysian Bulk Carriers Bhd (Maybulk) is to sell its Alam Kekal bulk carrier to Japan-based specialty financing services provider and equipment leasing group Tokyo Century Corp, for ¥4.43 billion (RM140.06 million).

In a bourse filing on Tuesday, the dry bulk carrier operator said the price tag was derived based on the vessels' RM140.02 million market value as appraised by an independent valuer, as well as RM112.22 million net book value as at end-December 2022.

Maybulk expects a pro-forma net gain of RM23.6 million from the disposal — RM140.6 million disposal consideration against the RM112.22 million net book value and RM4.24 million in disposal expenses.

Maybulk announced its proposal to dispose the vessel in June and later obtained its shareholders’ approval in an extraordinary general meeting in July. The group expects the deal to be completed by Nov 15.

Shares in Maybulk ended half a sen or 1.59% higher at 32 sen, giving the group a market capitalisation of RM320 million.

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