Malaysia-listed oil trading and bunkering firm Straits Inter Logistics Berhad (SIL) on Monday (10 February) incorporated Straits Port Management Sdn Bhd (SPM).
“The intended principal business activities of SPM are to carry on the business as an Investment Holding Company,” said a company statement.
SIL in late January accepted Labuan Port Authority’s Letter of Award for the operation and facility management of Labuan Liberty Terminal in the Federal Territory of Labuan.
The company earlier said it was planning to start a new company, TopCo, to acquire 51% of Megah Port Management Sdn. Bhd. (MPMSB) for MYR 5.1 million (USD 1.24 million).
The remaining 49% of MPMSB will be owned by LPM Holdings Sdn. Bhd., a subsidiary of Sailion Shipping Sdn Bhd.
MPMSB will function as the operating company to carry out Port Management Services at Labuan Port from 1 April 2020 onwards.
Related: Straits Inter Logistics proposes MPMSB acquisition for MYR 5.1 million
Related: Straits Inter Logistics confirms takeover of Labuan Liberty Terminal
Related: Malaysia bunker supplier Straits Inter Logistics to take over Labuan Liberty Wharf
Photo credit: Straits Inter Logistics
Published: 3 February, 2020
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