3 days ago
Avangaad Signs Agreement To Sell FSO Vessel For US$10.5 Mln
KUALA LUMPUR, Aug 13 (Bernama) -- Avangaad Bhd has signed a memorandum of agreement to sell its floating storage and offloading (FSO) vessel, FOIS Nautica Tembikai, to MTC Energy Sdn Bhd for US$10.5 million (RM44.5 million).
In a Bursa Malaysia filing, Avangaad said the divestment unlocks RM44.5 million in immediate cash flow, and the proceeds will be strategically redeployed into higher-yielding and longer-tenured assets, in line with Avangaad's long-term strategy, while providing additional headroom for financial flexibility.
'The transaction is expected to strengthen the group's financial capacity to sustain a broad, balanced fleet and expand its service offerings across oil and gas (O&G) and non-O&G markets.
