Latest news with #MubarakHussainAkhtarHusin
The Star
a day ago
- Business
- The Star
Avangaad divests RM45mil FSO
Avangaad Bhd executive director Datuk Mubarak Hussain Akhtar Husin. PETALING JAYA: Avangaad Bhd has finalised the sale of its floating storage and offloading (FSO) vessel for US$10.5mil (equivalent to RM44.5mil), which will deliver an immediate gain of RM29.4mil. In a filing with Bursa Malaysia, the company said it had entered into a memorandum of agreement with MTC Energy Sdn Bhd for the sale of the vessel. The engineering services company said 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.' Executive director Datuk Mubarak Hussain Akhtar Husin said the transaction is about 'creating optionality.' 'We are monetising this asset at the right time to ensure Avangaad stays agile and well-capitalised. In asset strategy, success lies in aligning capability with contract tenure.'
The Star
2 days ago
- Business
- The Star
Avangaad sells vessel for RM44.5mil, to book RM29.4mil gain
Avangaad Bhd executive director Datuk Mubarak Hussain Akhtar Husin PETALING JAYA: Avangaad Bhd has finalised the sale of its floating storage and offloading vessel for US$10.5mil (equivalent to RM44.5mil), which will deliver an immediate gain of RM29.4mil. In a filing with Bursa Malaysia, the company said it had entered into a memorandum of agreement with MTC Energy Sdn Bhd for the sale of the vessel. The engineering services company said 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.' Executive director Datuk Mubarak Hussain Akhtar Husin said the transaction is about 'creating optionality.' 'We are monetising this asset at the right time to ensure Avangaad stays agile and well-capitalised. In asset strategy, success lies in aligning capability with contract tenure. 'The group's fleet also comprises vessel types capable of securing decade-long commitments, each contributing uniquely to the group's long-term portfolio optimisation.'
