The deal valued at RMB5.8m was arrived on a willing buyer and willing seller basis, with the existing shareholder of SGMET taking back the equity stake, according to Sembmarine.
“The disposal is being undertaken by the group to realise its investment in non-core business and in line with the group’s commitment to optimise profitability and operations. The group intends to apply the net proceeds towards its working capital,” Sembmarine said.
China’s SGMET is principally engaged in R&D of technologies for civil ships and equipment for oceanics industries and provision of related technical consultation services.
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