Straits Port Management Sdn Bhd (SPMSB), a subsidiary of Malaysia-listed oil trading and bunkering firm Straits Inter Logistics Berhad (SIL), on Tuesday (25 February) acquired a 51% share of Megah Port Management Sdn Bhd (MPMSB) for RM 1.53 million (USD 360,000) via a Shareholders Agreement.
The remaining half of MPMSB shares has been acquired by LPM Holdings Sdn. Bhd. (LHSB) for approximately RM 1.47 million, it said.
Both SPMSB, LHSB and MPMSB will jointly undertake Port Management Services at Labuan Port from 1 April 2020 onwards.
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 execution of the Shareholders Agreement represents mutual agreement between SPMSB, LHSB and MPMSB to work together and to collaborate for the purposes of undertaking the Port Management Services, whereby MPMSB will function as the operating company to carry out Port Management Services at Labuan Port,” said SIL.
“As such, the Shareholders Agreement is intended to facilitate MPMSB to undertake Port Management Services at Labuan Port by outlining and coordinating the responsibilities and roles of MPMSB and its shareholders.
“The Board believes that, barring any unforeseen circumstances, the successful operations of MPMSB will potentially contribute positively to the future earnings of Straits and its subsidiaries (“Straits Group” or the “Group”) and improve the Group’s financial position moving forward.”
The decision to diversify into port operations was due the Group’s financial performance mainly relying on a single business segment, i.e. oil trading and bunkering services over the past years.
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 Berhad
Published: 26 February, 2020
Between November 2016 and October 2017, Mr Tan falsified at least 20 invoices and submitted these invoices to UOB and OCBC, according to court documents obtained by bunkering publication Manifold Times.
‘CSM Taurus arrived in Singapore during mid-September and is currently undergoing final preparations before starting commercial operations,’ General Manager of CSM tells Manifold Times.
Criminal syndicate’s tampering with MFMs on bunker tankers Southernpec 6 and Southernpec 7 conceptualised by three masterminds and carried out by cargo officers on board, according to joint statement.
Seeks information connected to SGS COQs of Gas Oil and Marine Diesel Oil cargoes loaded on board Vinalines Glory from the Vopak Banyan Terminal in Singapore between January and February 2013.
Additional topics of bunker contamination and OCM services discussed at VPS’ Fuel Management Challenges – The Year of 2021 & Beyond webinar on 23 September; Manifold Times summarises the session.
‘The JMs have failed to discharge their duties by blindly helping the Banks mount a false case against the Defendant,’ wrote defence lawyers representing former IPP Director Dr Goh Jian Hian in court statement.