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.