CEO Morning Brief

Carimin Acquires RM23.4 Mil Crew Boat to Expand Marine Support Services

Publish date: Fri, 24 May 2024, 10:42 AM
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TheEdge CEO Morning Brief

KUALA LUMPUR (May 23): Carimin Petroleum Bhd (KL:CARIMIN) is acquiring a crew boat for US$4.96 million (RM23.39 million) from Penguin Shipyard Asia Pte Ltd to expand its business in providing marine support services for offshore maintenance, hook-up and commissioning activities.

The company will finance the purchase with a 30% cash outlay and 70% secured through bank borrowings, according to the group’s filing with Bursa Malaysia on Thursday.

Penguin is a Singapore-listed company engaged in the business of shipbuilding and repair of aluminium ships.

Carimin expects the acquisition will complement its vessel fleet operations, contributing positively to its earnings and earnings per share for the financial year ending June 30, 2025 (FY2025).

Shares of Carimin closed up 3.5 sen or 3.6% to RM1.01, bringing the company a market capitalisation of RM236 million. Year to date, the stock has increased 25%.

Source: TheEdge - 24 May 2024

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