ASL Marine Holdings has disposed of its entire stake in PT. Hafar Capitol Nusantara for IDR62.3 trillion ($4.9 million).

A ratified share purchase agreement for the disposal was signed by ASL Marine’s 75%-owned subsidiary, PT. Cipta Nusantara Abadi with purchaser PT. Hafar Daya Samudera. PT. Hafar Capitol Nusantara is a 49%-owned associate of PT. Cipta Nusantara Abadi.

PT. Hafar Capitol Nusantara is a private company incorporated in Indonesia on June 16, 2011 with a registered capital of IDR10.67 trillion. The company is primarily in the business of chartering vessels.

According to ASL Marine, the disposal is part of the group’s on-going rationalisation of its non-core assets and financial optimisation. The board believes that the disposal will help the group streamline its structure and focus its resources on its core businesses.

Based on ASL’s latest financial statements for the 9MFY2025 ended March 31, the book value and net tangible assets (NTA) value of the shares disposed was US$5.7 million ($7.6 million). There is no open market value for the stake disposed as the shares are not publicly traded.

The disposal is expected to result in an excess of US$1.9 million of the book value over the proceeds of the disposal shares.

The net profit attributable to the shares disposed is US$1.8 million for the 9MFY2025.