Mooreast to Divest 51 Shipyard Road for SG$30 Million; Shares Rise 10%

MT Newswires

04/28

Mooreast (SGX:1V3) said its unit Mooreast Asia plans to divest a leasehold property in Singapore, according to a Monday filing with the Singapore Exchange.

Shares of the mooring services provider jumped over 10% in Tuesday trading.

Mooreast granted HLMG-Nuform System an option to purchase 51 Shipyard Road, a waterfront facility spanning about 30,691 square meters, for SG$29.7 million.

Proceeds from the sale will fund expansion and operational works at Mooreast's newly acquired facility at 60 Shipyard Crescent, which spans 98,919 square meters and will support subsea foundation fabrication and serve as a logistics hub to stage, store and assemble equipment.

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