AST Group plc, a Malta-headquartered animal feed trading and shipping group, is selling its marine vessel MV AST Malta, previously owned by AST Shipping 1 Ltd, for a consideration of approximately €2.2 million.  

The company confirmed that proceeds from the sale will be used primarily to fund the acquisition of a replacement vessel, or multiple vessels, to further strengthen AST Group’s operational capacity in line with its current business model.

As part of the transaction, the priority mortgage registered in favour of Onyx Trustees Limited, acting as trustee of the AST Trust II, has been paid off.

From the money generated by the sale of MV AST, approximately €1.29 million, equivalent to the vessel’s original acquisition value, will remain in the company’s pledged bank account until a suitable replacement vessel is identified and purchased.

The remaining funds will be allocated towards maintenance and upgrades of the group’s two other vessels, MV AST Eco and MV AST Rising, which together have an estimated aggregate value of circa €8.5 million. Both vessels remain subject to existing first preferred mortgages.

The company noted it will provide further updates once a replacement vessel acquisition has been finalised.