Maybulk Bhd · MYX:MAYBULK
Maybulk Bhd — Malaysian Bulk Carriers Berhad — Shareholder Meeting (July 2023)
13 slides from Maybulk Bhd's shareholder meeting presentation, Jul 31, 2023
Slide 1: Malaysian Bulk Carriers Berhad Extraordinary General Meeting
MALAYSIAN BULK CARRIERS BERHAD Registration No. 198801008597 (175953-W) Incorporated in Malaysia Extraordinary General Meeting 31 July 2023 1
Slide 2: Disclaimer
Disclaimer The information contained in this presentation is for information purposes only, and does not constitute or form part of any offer or invitation to sell or the solicitation of an offer or invitation to purchase or subscribe for, or any offer to underwrite or otherwise acquire any securiti
Slide 3: Alam Kekal
Alam Kekal 3 CONFIDENTIAL
Slide 4: Alam Kekal
Alam Kekal Details of Alam Kekal are as follows: Type: Kamsarmax Tonnage: 82,079 Ownership: Kekal Shipping Pte Ltd Place of registry: Singapore Year built: 2018 Original cost: USD29.5 million Equivalent to RM121.9 million NBV: USD25.4 million Equivalent to RM112.2 million 4 CONFIDENTIAL
Slide 5: Alam Kekal – Historical Accounting Records
Alam Kekal – Historical Accounting Records As at 31 December 2022 USD’Mil RM’Mil Cost 29.92 132.02 Accumulated depreciation 4.49 19.80 Net carrying amount 25.43 112.22 Note: In FY2020 an impairment provision of USD773 thousand was made due to weak market condition and low charter rate. The impairmen
Slide 6: Rationale
Rationale For MBC to realise the value of its vessel at a favourable price when the second hand value of the vessel and its drybulk charter rate is still relatively high 6 CONFIDENTIAL
Slide 7: Second Hand Market Value for Kamsarmax
Second Hand Market Value for Kamsarmax Panamax Bulkcarrier (Kamsarmax) 82k dwt 5 Year Old Secondhand Prices 40.00 38.00 36.00 34.00 32.00 USD'million 30.00 28.00 26.00 24.00 22.00 20.00 Mar-2019 Mar-2020 Mar-2021 Mar-2022 Mar-2023 Jul-2018 Nov-2018 Jul-2019 Nov-2019 Jul-2020 Nov-2020 Jul-2021 Nov-20
Slide 8: Baltic Index - Time Charter Average
8,244 8 02/07/2023 02/04/2023 CONFIDENTIAL 02/01/2023 02/10/2022 Baltic Panamax Index - 82DWT TCA Average 02/07/2022 02/04/2022 02/01/2022 02/10/2021 Baltic Index - Time Charter Average 02/07/2021 02/04/2021 02/01/2021 02/10/2020 02/07/2020 02/04/2020 02/01/2020 02/10/2019 02/07/2019 02/04/2019 02/0
Slide 9: Illustration on Financial Impact
Illustration on Financial Impact Assuming Alam Kekal is disposed at USD30 million (or RM139.95 million) , the proforma impact will be as follows: Before Impact After RM’000 RM’000 RM’000 Share capital 338,791 0 338,791 Forex reserve (non-distributable) 143,778 0 143,778 Retained earnings 4,483 *24,9
Slide 10: Use of Proceeds
Use of Proceeds 1. Future business expansion 2. Working capital 3. Estimated cost for disposal 10 CONFIDENTIAL
Slide 11: Typical Sales Process
Typical Sales Process • Agree terms and conditions of sale • Signing of Sale and Purchase Memorandum MOA • KYC • Appointment of Escrow Agent Deposit • Payment of 10% deposit by the seller to buyer • Formalise delivery details • Delivery preparations Preparation • Ownership transfer documents • Inspe
Slide 12: Disposal Mandate
Disposal Mandate 1. Valuation – At a price not less than 90% of market valuation by reputable international professional valuers 2. Valuation report not exceeding 3 months old 3. Not lower than its latest audited net book value 4. Non-related party transaction 5. Cash deal 6. Mandate for 12 months 1
Slide 13: Malaysian Bulk Carriers Berhad – End of Presentation
MALAYSIAN BULK CARRIERS BERHAD Extraordinary General Meeting 31 July 2023 END OF PRESENTATION
Malaysian Bulk Carriers Berhad — Shareholder Meeting (July 2023) on 6ix