Hong Kong-listed Courage Marine has announced that it has disposed of its entire interest in two subsidiaries, Courage Maritime Technical Service and Courage-New Amego Shipping, to independent buyer Liu Lai-Chuan. The company has decided to outsource the services originally provided by them to the group.

Courage Marine will also close its operations in Taiwan and the representative office in Shanghai following the asset disposals. After the closure of the offices, the company will centralise its operations in Hong Kong.

Courage said the decision is in line with the board’s intention to restructure and streamline the operations and business of the group to reduce the group’s operating costs and expenses considerably.

In October Hsu Chih-Chien and Wu Chao-Huan sold their 27.47% equity share of Courage Marine to Success United Development, controlled by Suen Cho Hung, and then left the company.