Singapore-based energy trading firm Agritrade Energy will be ending operations by the end of March, according to Reuters.
"The […] business hasn't yielded satisfactory returns and the owners would rather focus on other core parts of their business," said a source.
Agritrade Energy was incorporated in 26 January 2015 and is under the management of company director Ng Xin Wei who is also the managing director of Singapore-based palm oil, coal and logistics player Agritrade International.
Agritrade International has a 58% stake in Hong Kong-listed Agritrade Resources which as a market value of $1 billion.
“Management wants to focus more on the coal business," another source told Reuters.
Agritrade Resources operates two coal mines in Central and South Kalimantan, Indonesia.
Published: 9 March, 2018
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