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.
The disposal will have a positive impact on the financials of the group.