Ezion’s indirect wholly owned subsidiary ES Indonesia (ESIPL) entered a deal to divest its 49 percent stake in PT Pelita Bara Samudera (PT PBS) to PT Karya Pilar Sukses for US$2.05 million, the Singapore-based company said in a filing to SGX Thursday.
The aggregate carrying value of PT PBS is nil and it is in a net liabilities position of US$3.52 million as of end-September, Ezion said.
“The transaction is in line with the group’s plan to streamline its asset base and reduce its operational costs, and this will enable the group to improve the efficient use of its capital and cash flow,” Ezion said.
PT PBS is an Indonesia-based joint-venture company, which is 49 percent held by ESIPL, the filing said.
Indonesia-based PT Karya Pilar Sukses is mainly involved in the investment holding of shipping companies and it is unrelated to Ezion, the filing said.
The deal is expected to be completed by year-end, Ezion said.