About US$5 million was funded from the US$20 million medium-term loan. The group had entered into the five-year loan with one of its principal bankers in the Middle East on March 16. The remaining US$0.5 million will be funded by internal resources.
Atlantic Navigation Holdings (SGX:5UL
) , a shipping company that provides marine logistics services in the Middle East and Indian markets, has completed the acquisition of the marine vessel, Team Clio, on May 4.
The vessel was purchased from an unrelated third party in the Middle East for US$5.5 million ($7.3 million).
