Australian vessel operator MMA Offshore has completed the sale of its shipyard facility in Batam, Indonesia, the company confirmed in a recent Australian Securities Exchange filing.
The new owner of the Batam shipyard is Singapore-based the Wasco Engineering Group. The facility had been sub-leased to Wasco until completion of the payment.
MMA will retain a portion of the Batam facility and have access to the wharf for a period of five years
following completion of the sale.
The final instalment of the US$15 million purchase price has been received with the total proceeds
from the sale to be used to make a voluntary prepayment of amortisation on the company's debt
facility.
David Ross, MMA Managing Director, commented that the conclusion of the sale of the Batam shipyard facility completes MMA's non-core asset divestment program.
Note: The Baird superannuation fund holds shares in MMA.