Daya ceo TS Lim told local media that the mainly civil engineering-based firm is channelling resources into infrastructure projects such as rail-related projects instead.
Notably, the firm said the disposal would cut debt by 62% to MYR253.1m and the move was strategic for it to strengthen its financial position.
“This is the beginning of our turnaround plan and we are both optimistic and excited about the group’s future.
“Our exit from the offshore subsea business will allow us to focus on our core and profitable businesses and our financial results will no longer be dragged down by this loss-making business,” Lim said.
Daya expects future earnings to come from the infrastructure, construction and downstream oil and gas segments.
“We will be looking to further strengthen our position in the construction sector which has been a profitable segment of the group.
“We are also expecting our downstream oil and gas business to continue to perform well given its positive contribution to the group’s profitability, on the back of our established performance track record and market presence,” Lim said.
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