Maridive’s subsidiary to settle $45.5M debts with $40M marine unit sale

Updated 1/21/2024 9:38:00 AM
Maridive’s subsidiary to settle $45.5M debts with $40M marine unit sale

Arab Finance: The UAE-based Ocean Marine, which is 51% owned by Maridive and Oil Services, is in the process of finalizing a deal to sell a marine unit for $40 million, as per a disclosure.

The Emirati firm will fully use the proceeds from the sale to settle its due $45.5 million debts to banks.

The deal is expected to be completed within a week as of January 21st.

It is worth noting that both Ocean Marine and Maridive and Oil Services will not benefit from the proceeds of the sale transaction.

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