ASL Marine, Koon Hldgs: proposed sale of water-front property and 21 tugboats and barges by Koon Hldgs to ASL Marine. Sale price of property is $7.5m vs $1.8m book value, while sale price of vessel is $7.1m vs $6.2m book value…
Deal is positive for Koon, which will recognize total $6.6m gain from the sale. This compares with Koon’s current mkt cap of $41.4m. Divestment would allow Koon to focus on its core business of construction, and reduce operating costs. Koon has also proposed a 1-for-1 bonus share issue. Stock +13.5% at $0.505 after lunch…
Deal also positive for ASL Marine as it is in line with company strategy to expand fleet and capacity, but impact is small relative to the company’s size.
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