Hilong Unit to Sell Vessel; Shares Slip 2%

MT Newswires Live

08/12

Hilong Holding (HKG:1623) unit Hilong Shipping agreed to sell a vessel to Cakra Buana Resources Energi PT for $100 million, a late Monday Hong Kong bourse filing said.

Shares of the oil and gas drilling equipment manufacturer were down over 2% in Tuesday afternoon trading.

Part of the down payment of 55% will be settled through the issue of a promissory note by the buyer with a 3% per annum interest rate maturing in 12 months.

The vessel, with a net book value of $150.2 million, has been used by the firm for the offshore-engineering services segment.

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