By TMR

Bumi Armada Bhd’s wholly-owned unit, Bumi Armada Offshore Holdings Ltd, has subscribed for 350 million convertible preference shares in Bumi Armada Navigation Sdn Bhd in exchange outstanding debt of RM350 million owed by the latter to Bumi Armada Offshore.

Bumi Armada Navigation existing shareholders are Bumi Armada Offshore with a 49% stake, Wijaya Baiduri Sdn Bhd, Wijaya Sinar Sdn Bhd and Karisma Mesra Sdn Bhd with a 17% stake each.

Bumi Armada also holds 90 million redeemable preference shares in the subsidiary. Following the issuance of the new shares, Bumi Armada Offshore will also hold 350 million convertible preference shares in the company.