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Mermaid Maritime to acquire 49% stake in Cambodia company for $26.5 mil

Stanislaus Jude Chan Published on Wed, Dec 20, 2017 / 9:49 PM GMT+8

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SINGAPORE (Dec 20): Mermaid Maritime has entered into an agreement to acquire a 49% interest in Cambodian company PTGC Co. for US$19.7 million ($26.5 million).

PTGC’s primary asset is the legal and beneficial ownership of a plot of land in Phnom Penh, Cambodia.

In a filing to SGX on Wednesday, Mermaid says the property has re-sale potential. It also has potential to be turned into a residential or commercial development.