Mermaid Maritime to sell digital currency assets to Thoresen Thai subsidiary

Singapore five-dollar note Photo by Leslie Shaffer

Mermaid International Ventures, an indirect subsidiary of Mermaid Maritime PCL, or MML, has entered separate deals to sell assets related to digital currencies to Thor Friendship Shipping, a wholly owned subsidiary of Thoresen Thai Agencies, the shipper said in a filing to SGX Friday.

The consideration for the deal is US$4.93 million, Mermaid Maritime said.

“MML considers that it is in its best interests to monetize the assets in order to redeploy resources. The net proceeds from the sale shall be made available for MML’s working capital,” the company said.

On a pro forma basis, assuming the disposal was completed at end-2020, the net tangible assets of Mermaid Maritime would have been US$177.22 million, compared with US$177.29 million previously, the filing said.

The deal is an interested person transaction as Thoresen Thai Agencies directly and indirectly owns a total 58.22 percent of Mermaid Maritime, making it a controlling shareholder, the filing said. Both companies have the same major shareholder, Chalermchai Mahagitsiri, and they share three directors, the filing said.

Mermaid International Ventures is a wholly owned subsidiary of Mermaid Maritime Mauritius, which is a wholly owned subsidiary of Mermaid Maritime, the filing said.