ABG Shipyard completes Rs1,439 cr German order

ABG Shipyard completes Rs1,439 cr German order


Mumbai: ABG Shipyard said on 27 September it has completed the construction order for 12 Handysize bulk carriers from a German company for $360 million (Rs1,439 crore).

With this order from Germany’s Bereederungsgesellschaft H Vogemann GmbH & Co KG, the company’s aggregate order book now stands at Rs7,121 crore, ABG Shipyard said in a filing to the Bombay Stock Exchange.

“This is a path breaking order and we at ABG are proud to have won this contract against stiff international competition," company managing director Rishi Agarwal said.

The order was for construction of 12 Handysize bulk carriers of 35,000 DWT each.

The company and Vogemann were in negotiations for some time through Ship Broking firm Olivier Felter of Germany and this order was signed on July 3, and financial closure got concluded now, ABG Shipyard said.

Vogemann group managing director Udo Wiese said, they have joined forces with a first class shipyard and are already considering further new building projects with our friends from ABG.

Meanwhile, the company in the annual general meeting held on 27 September, announced a dividend of Rs1.50 on share of Rs10 each (15%).

The company also decided to issue up to 58,89,175 equity shares to Qualified Institutional Buyers, the statement added.