SBI Offshore Disposes Its 35% Equity Interest In Jiangyin Neptune Marine

SBI Offshore has entered into an agreement to dispose of its entire equity interest of 35 percent in Jiangyin Neptune Marine Appliance (NPT) for US$3.5 million.

The group’s decision to divest in NPT, a manufacturer of lifeboats and rescue boats with launching systems, was given that the investment has not contributed to the cash flow of the group.

Furthermore, the group had no control over the NPT’s board and management team, and has little influence over its future direction and despite earning a net profit of Rmb5.3 million in FY14, NPT has not declared any dividends thus far.

More From Shares Investment:

• OKH Global’s JV Signs 10-Year Property Lease With BMW Asia

• Chosen Holdings’ FY15 Net Profit Up 15%

• Hiap Seng Engineering’s Joint Venture Company Awarded US$57 Million Contract