Mermaid Maritime, in response to queries from SGX, said Tuesday that the assets related to digital currencies which it sold in January for US$4.93 million were disposed of at a loss of US$69,630.
The net book value of the assets was US$5 million, the company said.
The assets had been acquired in two transactions in the open market at market rates via a digital exchange licensed by the Securities and Exchange Commission of Thailand, Mermaid Maritime said in a filing to SGX.
The shares were purchase through subscription in an investment round of the Agnostic Fund, a Cayman Islands-registered licensed mutual fund, the company said, adding the investments were part of its treasury management under its investment policy.
The assets were sold to an interested person, Thor Friendship Shipping, a wholly owned subsidiary of Thoresen Thai Agencies, which directly and indirectly owns a total 58.22 percent of Mermaid Maritime, making it a controlling shareholder. Both companies have the same major shareholder, Chalermchai Mahagitsiri, and they share three directors.
Mermaid Maritime said the valuation of the assets was done via the closing market price on 4 January, with the sale consideration also determined based on that valuation.