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Malaysia: Straits Energy Resources makes move for SMF to become wholly-owned direct subsidiary 

Firm has entered a conditional shares sale and purchase agreement with its subsidiary Tumpuan Megah Development for the proposed acquisition of Straits Marine Fuels & Energy shares.

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RESIZED Straits Energy Resources Berhad

Malaysia-listed Straits Energy Resources Berhad (SER) on Thursday (30 November) has entered into a conditional shares sale and purchase agreement with its subsidiary Tumpuan Megah Development for the proposed acquisition of Straits Marine Fuels & Energy (SMF) shares, representing 33% of the equity interest in SMF, according to a filing with Bursa Malaysia. 

SMF is currently a 67%-owned direct subsidiary of SMF. Upon completion of the proposed acquisition, SMF will become a wholly-owned direct subsidiary of SER. 

“The proposed acquisition entails the acquisition of the remaining 33% equity interest in SMF thus enabling Straits to consolidate the entire 100% equity interest of SMF into Straits Group,” SER said in a filing. 

“The proposed acquisition will allow Straits to obtain full control in SMF Group to drive the future strategic direction and growth of SMF Group, and enable Straits to fully realise all the efforts and initiatives put in place by the company and its management in SMF Group, thereby creating greater value and improving the competitiveness of the Group.”

SER said the acquisition also represented  a lower-risk investment for the Group as compared to an investment in a new business or external company.

This was due to SMF being an ongoing entity generating its own cash flow and profits as well as an existing subsidiary of the Group that does not require additional costs for integration in the group from an operational or administrative perspective.

Related: Malaysia: Straits Marine Fuels & Energy to start bunkering ops at Johor
Related: Straits Inter Logistics forms new bunkering subsidiary

Photo credit: Straits Energy Resources Berhad 
Published: 1 December, 2023

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LNG Bunkering

Singapore: Pavilion Energy supplies LNG to TFG Marine dual-fuel bunker tanker

“MT Diligence” was refuelled with 34 cubic metres of LNG bunker fuel, supplied by Pavilion Energy, marking the first LNG bunkering of TFG Marine’s bunker vessel.

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Singapore: Pavilion Energy supplies LNG to TFG Marine bunker tanker

Global marine fuel supply and procurement firm TFG Marine on Monday (20 May) announced the completion of the first liquefied natural gas (LNG) refuelling of its dual-fuel bunker tanker MT Diligence this week in Jurong Port, Singapore.

The 34 cubic metres (m3) of LNG to power the MT Diligence was supplied by the Marine division of Singapore-headquartered Pavilion Energy. 

“Deploying a vessel that can be powered by LNG as well as conventional low sulphur marine fuels helps TFG Marine to meet its licence requirement with the Maritime and Port Authority of Singapore (MPA),” TFG Marine said in a social media post.

Singapore: Pavilion Energy supplies LNG to TFG Marine dual-fuel bunker tanker

“Built and operated for TFG Marine by CBS Ventures Pte Ltd, the 5,000 dwt MT Diligence has been designed to our technical specifications, including stringent safety considerations and has joined our supply fleet this year in the major bunkering centre of Singapore.”

Manifold Times previously reported TFG Marine christening the first LNG dual-fuel bunker tanker to join its fleet.  

The newbuild vessel, MT Diligence, has joined the company's low sulphur fuel oil and biofuel supply operations in the major bunkering centre of Singapore.

Related: LNG dual-fuel bunker tanker “MT Diligence” joins TFG Marine fleet for Singapore ops

 

Photo credit: TFG Marine
Published: 21 May 2024

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Winding up

Singapore: Liquidators schedule final meeting for Sejahtera Shipping and related companies

Final meetings will be held at 9 Raffles Place, #19-21 Republic Plaza Tower 2, Singapore 048619 for Sejahtera Shipping, Molek Shipping and Madu Shipping.

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The final meetings of Sejahtera Shipping Pte Ltd and its related companies have been scheduled to take place on 21 June, according to the company’s liquidators on a notice posted on Monday (20 May) on the Government Gazette.

The other companies are Molek Shipping Pte Ltd and Madu Shipping Pte Ltd. 

The meetings will be held at 9 Raffles Place, #19-21 Republic Plaza Tower 2, Singapore 048619 at the following times:

  1. Sejahtera Shipping at 11am
  2. Molek Shipping at 10.30am
  3. Madu Shipping at 10am

They will be held for the purposes of having accounts laid before the meeting showing the manner in which the winding-up has been conducted and the property of the company disposed of, and of hearing any explanation that may be given by the liquidator.

The details of the liquidators are as follows:

Cheng Sam Tai Catherine
Liquidator
c/o Crowe Horwath First Trust Corporate Advisory Pte. Ltd.
9 Raffles Place, #19-20 Republic Plaza Tower 2, Singapore 048619

A member entitled to attend and vote at the meeting is entitled to appoint a proxy to attend and vote in his stead. A proxy need not be a member of the company. The instrument appointing a proxy must be deposited at the Registered Office of the company not less than 48 hours before the time set for holding the meeting.

Related: Singapore: Sejahtera Shipping and related companies to be wound up voluntarily

 

Photo credit: Benjamin-child
Published: 21 May 2024

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Bunker Fuel

Island Oil eyes Korean market with new Seoul office

New office marked the company’s latest expansion within Far East and Southeast Asia markets, following the opening of the company’s Hong Kong office last year.

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TANIM MUNSHI on Unsplash

International marine fuel trading firm Island Oil on Monday (20 May) announced it has established an office in Seoul.

This marked the company’s latest expansion within the Far East and Southeast Asia markets, following the opening of the company’s Hong Kong office last year. 

Additionally, Island Oil has several years of established presence in Singapore, along with a representative office in Shanghai. 

Mr. Yongje (Jayden) Choi will be heading the Seoul office as Business Development Manager. 

Jayden

Mr. Yongje (Jayden) Choi

“We welcome Jayden to the Island Oil family”, said Mr. Michell Kamphorst, Head of International Trading, Asia at Island Oil.  

“His expertise in the Korean market will provide an immediate impact as we inaugurate our Seoul office, marking another significant milestone in our Asia expansion.”

“Stepping into Island Oil, I am impressed by their dedication to maintaining a culture of dignity and respect for all team members, as well as their strong commitment to fairness and transparent communication”, said Choi.

“I am excited to be a part of Island Oil's journey towards greater growth and prosperity”, he concluded.

Note: Enquiries can be sent to Island Oil’s Seoul office via email at [email protected]

Related: Island Oil continues expansion into Chinese markets with new Hong Kong trading office
Related: Island Oil and Island Petroleum receive ISCC EU certification for bio bunker fuels

 

Photo credit: TANIM MUNSHI on Unsplash / Island Oil
Published: 21 May 2024

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