KUALA LUMPUR (Oct 27): Malayan Banking Bhd (Maybank) is helping Singapore-listed Ezion Holdings Ltd sell vessels to recover money which will be used to repay Ezion's bank loans.

According to Ezion's filings with the Singapore stock exchange, four memoranda of agreement (MOAs) had been entered into by several entities of Ezion for the sale of the four liftboats — "Teras Conquest", "Teras Fortress", "Teras Conquest 5" and "Rising Phoenix" — for a total of US$40 million cash.

According to Ezion, the MOAs were executed by secured bank lenders Oversea-Chinese Banking Corp Ltd (Teras Conquest), Maybank (Teras Conquest 5 and Teras Fortress), and DBS Bank (Rising Phoenix).

"The group is of the view that without the required funding to reactivate and deploy the vessels for work, the disposals will allow the group to stop incurring further operating costs and liabilities and will also allow the group to reduce its outstanding liabilities via the partial repayment of the secured bank loans," said Ezion.