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Amos Group sells HK, Korea units $1.3m below book

Asset sale records S$1.25m loss and trims NTA.

Amos Group Limited agreed to sell its Hong Kong and South Korea subsidiaries and selected regional assets for $1.88m in cash under a disclosable transaction, according to a filing with the Singapore Exchange.

The disposal involves the full divestment of Amos International (HK) Limited and Amos Korea Co. Ltd., alongside certain assets held in Singapore and China, with completion subject to agreed conditions.

The assets sold are primarily engaged in supplying marine consumables to offshore oil and gas and marine customers, the company said.

Amos Group stated that the transaction consideration was negotiated on a willing buyer, willing seller basis, taking into account historical performance, net asset value, and market benchmarks for comparable marine services providers.

The sale assets carried a book value and net tangible asset value of $3.13m and recorded a net loss of $0.73m based on unaudited financials, according to the filing.

Amos Group said the disposal price represents $1.3m below the assets’ book value and will result in a net loss of $1.3m on completion.

On a pro forma basis, the group’s consolidated net tangible assets would decline to $55.2m from $56.5m, whilst net loss attributable to shareholders would widen to $10.5m, the company said.

Amos Group said the transaction allows it to streamline operations and focus on its core energy businesses, with proceeds earmarked for working capital. 

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