Manhattan Resources sells vessels in disposal of loss-making business

SINGAPORE (Oct 11): Manhattan Resources’ subsidiary PT Aneka Samudera Lintas has agreed to sell 22 tugs and 22 barges for IDR170.6 billion ($18 million) to an unrelated Indonesia-incorporated shipping and barging company.

In its filing, Manhattan Resources says the disposal of the vessels will result in the disposal of a substantial portion of a loss-making business segment at a premium to their book value, improve the balance sheet of the group and hence enable it to conserve its resources.

The group can then proceed to focus on its other businesses including the construction of coal-fired steam power plants, the production and sale of electric power as well as the development of property and exploration of mineral in China.

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