Maridive & Oil Services aims to complete evaluation of its subsidiary Valtin Marine acquisition by Ancla Marine next month, informed sources told Daily News Egypt Wednesday.
Last October, Maridive received an offer from Ancla Marine to acquire 100% of Valtin Marine, wholly-owned by Maridive.
The sources added that Fenby Financial Advisors is in the process of evaluating the company, expecting to complete the deal during the first quarter of 2023.
The company’s accumulated losses during the first nine months of this year decreased by 35% to reach $29.1m, compared to $44.44m during the same period last year.
The company’s revenues for the same period decreased to $76.3m, compared to $88.8m during the same period last year.
Maridive had obtained the final approval from the creditor banks to restructure the existing balances of loans granted to the company in line with the company’s current and future liquidity position.
It explained that she had signed contracts to restructure the outstanding balances of loans granted by creditor banks.
