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Philly Shipyard ASA ( (AKRRF) ) just unveiled an announcement.
Philly Shipyard ASA has announced the successful sale of its sole operating subsidiary, Philly Shipyard, Inc., to Hanwha for USD 100 million. This strategic move, completed in December 2024, marks a significant transformation for the company, leading to a proposed dividend payout and plans for dissolution. Despite operating revenue being zero for 2024, the company reported a net income after tax of USD 90.6 million, primarily due to gains from the sale. The company is maintaining USD 10 million in escrow for potential liabilities, and the outcome of this will affect future liquidity and distributions.
More about Philly Shipyard ASA
Philly Shipyard ASA operates in the shipbuilding industry, focusing on the construction and sale of commercial vessels. It has been a key player in the maritime construction sector, catering primarily to the commercial shipping market.
YTD Price Performance: 4.50%
Average Trading Volume: 1,731
Technical Sentiment Consensus Rating: Sell
Current Market Cap: $81.51M
Learn more about AKRRF stock on TipRanks’ Stock Analysis page.
