Malaysia-listed bunkering firm Straits Inter Logistics (Straits) Tuesday received approval from exchange holding company Bursa Malaysia to acquire a 55% majority stake, or 8.25 million ordinary shares, in Tumpuan Megah Development for the consideration of RM35.75 million (USD $8.77 million).
Straits on 7 June, 2018 announced plans for acquiring Tumpuan Megah, a Malaysia bunkering firm that offers oil bunkering services business, which includes ship-to-ship bunkering, barging operations and dealing in oil and petroleum products.
Tumpuan Megah currently has operations at eight ports in Malaysia, all of which are licensed under Petroleum Development Act 1974, through seven bunkering vessels ranging between 500 to 4,700 dwt.
The proposed acquisition will enlarge the customer base of Straits by tapping into the existing customer base of Tumpuan Megah, allowing Straits to capture larger market share and increase its market presence in the bunkering services industry in Malaysia.
“The proposed acquisition would enable Straits to have an immediate expansion in respect of its fleet size and assets base from the current two vessels to nine vessels for its operations,” Dato’ Sri Ho Kam Choy, Straits Inter Logistics Berhad Group Managing Director, earlier said.
“With such expansion of asset base, Straits is capable to undertake higher volume of bunkering services, thereby increase its operational capacities.”
Related: Straits Inter Logistics to acquire Tumpuan Megah Development for RM35.75 million
Related: Straits Inter Logistics Q1 revenue up 57%
Related: Malaysia: Bunkering firms extend HOA arrangement
Related: Straits Inter Logistics: Positive outlook for Malaysia bunkering sector
Related: Malaysia-listed bunkering firm Straits Inter Logistics net profit up 27 times
Related: Straits Inter Logistics and Banle Energy explore bunker business opportunities
Photo credit: Straits Inter Logistics
Published: 8 August, 2018
Parent firm Grindrod cuts losses by more than half, exits rail business, considers listing shipping division on NYSE.
Both organisations working for effective bunker licencing schemes, preferably introducing mass flow meters, to be implemented in bunker hubs around the world.
Decision comes from recent news reports relating to HLT and the affidavit HLT filed to the Singapore High Court in order to protect the company’s own interests over gasoil reserves.
Shipowner bought from supplier small-sized clip at price in lower $570/t level for delivery in second half of May.
Phase Two to include studies on Bio-LNG, ammonia bunkering, methanol, CCUS, and value chain and impact analysis of alternative maritime energy.
Mismanagement would have been detected much earlier if Deloitte auditors ‘carried out the audits of the plaintiff's financial statements properly’.
Buyers can nominate deliveries on platform and plan operations together with suppliers following ‘one single truth’ concept with all players aware of what has been agreed when and by whom, says DNV spokesman.
Rotterdam’s intention to mandate the usage of MFMs goes down well with licensed bunker supplier VT Group; MFM providers supportive of move but stressed continuous monitoring is needed for optimum performance.
Cost of alternative bunker fuels, bunker operations and technology advancement are some considerations to be examined by the maritime industry, says Neo, director of SDE International Pte Ltd.
Kim Hyung Joon and Han Donghoon were planning to join the Singapore entities of Hartree Group - either Hartree Partners Singapore Pte Ltd or Hartree Marine Fuels - in October, discovered management.
‘When you think of Helmsman on the next occasion, think of us as lawyers with expertise in various fields. Come to us before a problem develops. It’s the process that matters,’ says Tang Chong Jun, Executive Director.
Bernard Chew was a former shareholder of MB Marine and was an authorised signatory of the company’s cheques at the material time, according to court documents obtained by Manifold Times.
