BPH Global sold its floating platform in the East Johor Strait, enhancing the company's cashflow.
The sale, conducted through the joint venture company SCU-RY Farm, involved the transfer of shares to the Singapore-based buyer, Hule, for a net sale price of S$192,500 ($288,629).
The sale allows the company to focus on its seaweed research and development activities as the obligation to maintain the platform is lifted.
BPH Global relocated its seaweed research and development operations to shared premises with Gaia Mariculture, terminating its lease at the Singapore Aquaculture Centre on St John's Island.