Viking Offshore and Marine has bagged S$9.66m ($7.84m) after selling 32m shares in wastewater treatment company United Envirotech Ltd (UEL), Seatrade Asia reports.
The Singapore-listed offshore services firm sold the shares on Monday and Tuesday, and lowered its stake in UEL to 4.48% from 11.19%. “The sales proceeds of approximately S$9.66m will be utilised towards the repayment of loans and payables,” Viking said in a statement Wednesday. Viking bought UEL shares in 2008 as an investment. “Given what the company regards as the historically thin trading volume in the shares of UEL and the relative difficulty in disposing of a sizeable volume of the shares, the company is of the view that it is an opportune time to dispose of the UEL shares,” Viking said.
The Singapore-listed offshore services firm sold the shares on Monday and Tuesday, and lowered its stake in UEL to 4.48% from 11.19%. “The sales proceeds of approximately S$9.66m will be utilised towards the repayment of loans and payables,” Viking said in a statement Wednesday. Viking bought UEL shares in 2008 as an investment. “Given what the company regards as the historically thin trading volume in the shares of UEL and the relative difficulty in disposing of a sizeable volume of the shares, the company is of the view that it is an opportune time to dispose of the UEL shares,” Viking said.