Magnus sells portfolio of listed securities for $2.87 million
Magnus Energy Group said its wholly owned subsidiary, Antig Investments, signed a deal on Jan 13 to dispose Wallmans to Enchante Services Inc for about $2.87 million.
The buyer is a company incorporated in the Marshall Islands.
Wallmans holds a portfolio of listed securities with an approximate worth of $2.87 million and has negative net assets of $3.9 million and negligible net profit for the period ended Dec 31, 2013.
The sale is part of the group's internal restructuring process to streamline its investment securities trading activities.