KUALA LUMPUR: EA Technique (M) Bhd has entered a deal to dispose of its oil/chemical tanker, the Nautica Renggam, to shipping firm C&M Co Ltd for US$5.05mil (RM21.39mil) cash.

       In a bourse filing, the Practice Note 17-status company said the transaction is tentatively scheduled for completion by the fourth week of May 2022.

       It said the proceeds of the sale will go towards working capital and payment of the broker's fee.

       According to the filing, the Nautica Renggam was purchased by the company on May 13, 2016, with an original cost of RM18mil excluding refurbishment cost.

       The audited net book value of the vessel as at Dec 31, 2021, was RM18.4mil.