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Tuesday 2 November 11:00 PM
Malaysia's Halim Mazmin Selling 2 Ships For Total Of $60MKUALA LUMPUR (Dow Jones)--Malaysia's Halim Mazmin Bhd. (7102.KU) Tuesday said it is selling two of its biggest container ships for a total of $60 million to Mediterranean Shipping Co. The sale will yield about MYR160 million in cash, Halim, a midsize shipping company, said in a statement to the stock exchange. The two ships to be sold are identical in size at 45,696 deadweight tons each, and can accommodate 2,680 twenty-foot equivalent units of containers. Together with its existing cash reserves of MYR120 million, the sale proceeds will "better place the group to capitalize on opportunities to acquire newer and faster vessels," Halim added. The sale of the ships will halve Halim's container vessel fleet to just two. The company also owns four oil product tankers and a capesize bulker, according to data from its latest annual report. The sale of the ships will result in a disposal gain of about MYR36.4 million, Halim said. Mediterranean Shipping owns over 240 container ships, one of the world's biggest container ship fleets. -By Carolyn Lim, Dow Jones Newswires; 603-2692-5254; carolyn.lim@dowjones.com
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