Salt Investments (SGX:FQ7) has decided to reserve around $1.2 million from private placement proceeds to acquire an oil/chemical tanker vessel, according to a Monday filing with the Singapore Exchange.
The marine transportation company has already made a $90,000 deposit for the acquisition, while the vessel is undergoing inspection, due diligence and sea trials.
The title of the vessel will be held through a subsidiary, Apex Excel Engineering, which is currently dormant.
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