The shareholders of <a href="https://www.theedgesingapore.com/tags/samudera-shipping-line"  target="_blank">Samudera Shipping Line</a> have approved the disposal mandate for the proposed disposal of Sinar Bima, a Singapore flagged container vessel.

Following the approval, Samudera Shipping Line has signed a memorandum of agreement on June 15 to a buyer, who has requested to remain undisclosed till the delivery of Sinar Bima.

The buyer is an unrelated third party of the group.

The vessel was built in 2008 and can carry up to 1,118 TEUs.

The sale consideration is US$12.5 million ($16.8 million).

<i><strong>See also: <a href="https://www.theedgesingapore.com/capital/brokers-calls/samudera-benefit-favourable-freight-rates-trading-huge-bargain-uob-kh"  target="_blank">Samudera to benefit from favourable freight rates; trading at a huge bargain: UOB KH</a></strong></i>

As at July 6, the buyer has already paid a deposit of 10% of the consideration price. The remaining sum will be paid upon the delivery of the vessel.

In its filing on July 6, Samudera has noted that the sale price of the vessel is not lower than 90% of its value, as committed by the company in the circular.

The book value of the vessel stands at US$11.44 million.

The value was determined by independent valuations from Fearnleys Asia.

The proceeds of the disposal will go towards the company’s working capital and business expansion.

Shares in Samudera closed 2.5 cents higher or 6.3% up at 42.5 cents on July 6.

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