Seamec Ltd approves investment, loan to Seamec International FZE

The Board of Directors of Seamec Ltd in its meeting held today i.e. March 07, 2024, considered and approved the acquisition of 2 nos. of Ordinary shares in the share capital of M/s. SEAMEC International FZE (wholly owned subsidiary of the Company), having face value AED 1 million each at a premium of AED 7,529,766 each as per valuation of shares. This pertains to investment in Company's wholly owned subsidiary located in Dubai Airport Free Zone (DAFZA), UAE.

The board approved grant of loan of AED 12,300,468 equivalent to US$ 3,351,626 to M/s. SEAMEC International FZE, wholly owned subsidiary repayable in 5 years.

The board also approved sale of Vessel "SEAMEC NIDHI", owned by SEAMEC International FZE, wholly owned subsidiary of the Company, to M/s Joyo Shipping Co. Ltd., Marshall Island for a gross consideration of USD 10.5 million.

Shares of Seamec Limited was last trading in BSE at Rs. 1120.00 as compared to the previous close of Rs. 1090.00. The total number of shares traded during the day was 960 in over 20 trades.

The stock hit an intraday high of Rs. 1135.00 and intraday low of 1091.30. The net turnover during the day was Rs. 1083319.00.

Source : Equity Bulls

Keywords

Seamec INE497B01018 Investment Loan SeamecInternationalFZE