Pan-United to divest tug-and-barge business
Pan-United Corporation Ltd has entered into a sale and purchase agreement with Sedgefield Corporation Pte. Ltd., to divest its entire equity stakes in two wholly-owned subsidiaries, namely Pan-United Shipping Pte Ltd (“PUS”) and P.U. Vision Pte Ltd (“PUV”), collectively known as the “Tug and Barge Business”, for a cash consideration of S$29,922,000.
The sale price was arrived at on a willing-buyer and willing-seller basis and after taking into consideration the unaudited net tangible asset value of PUS at S$1,939,000 and PUV at S$27,983,000, as at 30 September 2016.
PUS is engaged in shipping services and trading of bulk cargoes using chartered vessels from PUV or other third parties. PUV owns 12 tugboats and 10 barges, with an average age of eight years, which are exclusively bareboat-chartered to PUS.