Phee Peng Ghee entered into the Agreement to acquire 60% stake in New Century Maritime Limited from New Century Group Hong Kong Limited for HKD 44.98 million.

Phee Peng Ghee entered into the Agreement to acquire 60% stake in New Century Maritime Limited from New Century Group Hong Kong Limited (SEHK:234) for HKD 44.98 million on April 28, 2023. Pursuant to the Agreement, the Consideration of HKD 44.98 million has been paid by the Purchaser to the Vendor in full in cash at Completion. The net proceeds of the Disposal is estimated to be approximately HKD 44.63 million which will be applied as the Group's general working capital.

New Century Maritime Limited for the year ended March 31, 2023, has a Revenue of HKD 2.82 million and a loss after tax is HKD -62.44 million.