Maridive Maritime and Petroleum Services has revealed that it received an offer to acquire 100% of its subsidiary Valtin Marine from Ancla Marina Ship.
The company added in a statement on Sunday that the company’s Board of Directors is scheduled to convene to discuss the offer, explaining that all procedural and regulatory aspects will be completed with the necessary approvals from the competent authorities.
Well-informed sources in the company told Daily News Egypt that a board meeting will be held to decide on the sale of Valtine this week, and if the offer is approved, the company will proceed with the procedures for appointing a financial adviser to evaluate the offer.
The company’s losses decreased by 50% during the first half (1H) of this year, recording $16m in losses, compared to $32.27m in 1H 2021, taking into account minority rights.
The company’s revenues also fell to $46.33m, compared to $67.19m.
Last April, Maridive Maritime and Petroleum Services obtained initial approval from creditor banks to restructure the existing balances of loans granted to the company.
The restructuring came against the backdrop of the exceptional circumstances that the company has experienced in previous years as a result of the COVID-19 pandemic, which caused Maridive to exit some contracts, in addition to delaying some customers in paying the due dates, which had a negative impact on the company’s cash flows.