Malaysia-listed Straits Inter Logistics (Straits) has entered formal talks with Hong Kong-based Banle Energy International (Banle) to explore further business opportunities in the bunkering sector.
Banle is engaged in the trading of bunker oil and provision of marketing administrative service, which is similar to Straits’s business activities of oil bunkering and trading, it said.
The agreement allows both parties to explore potential business cooperation / collaboration opportunities: “Which include, but are not limited to, joint venture, business partnership and/ or acquisition of equity stake between the parties to further expand their business operations and geographical coverage”.
According to Straits, Banle recorded net profit of $365,238 for its past financial year ending 31 July, 2017. The company’s net assets stood at $1.10 million in the similar period.
Manifold Times earlier reported Straits planning a private fund raising move to raise up to approximately $3.43 million.
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