Malaysia-listed Straits Inter Logistics Berhad (SIL), principally engaged in oil trading, bunkering and investment holding activities, on Friday (26 June) provided financial assistance to its bunkering subsidiary Tumpuan Megah Development (TMD) Sdn Bhd amounting to RM 85 million (USD 19.8 million) in the form of a Corporate Guarantee.
SIL undertook the guarantee to fulfil requirements by MBSB Bank Berhad to secure facilities for TMD to run its ordinary course of business.
In providing the guarantee, SIL would be required to assume TMD’s debt obligations up to the guaranteed amount in the event TMD does not meet its debt obligations to MBSB during the Corporate Guarantee period, noted the company.
SIL added it will continuously monitor the financial obligations of TMD, especially its cash flow position to ensure TMD’s ability to meet its debt obligations will not be compromised throughout the tenure of the facility.
At present, SIL’s 55%-owned subsidiary, Tumpuan Megah Development Sdn Bhd operates in eight ports in Malaysia, which include Lumut Port, Pasir Gudang Port, Tanjung Pelepas Port, Johor Bahru Port, Kuantan Port, Kemaman Port, Kuala Terengganu Port and Labuan Port, all of which are licensed under Petroleum Development Act 1974 for its bunkering services. It has an enlarged fleet size of 11 vessels with a total carrying capacity of 22 million litres.
Related: Straits Inter Logistics IMO 2020 strategies contribute 141.2% jump in revenue for Q1
Related: Singapore: Straits Marine Services starts vessel sanitisation operations on bunker tanker
Related: Tumpuan Megah Development conducts first Lumut bunkering operations
Related: Tumpuan Megah Development deploys “Escolar” to support Lumut bunkering operations
Related: Tumpuan Megah Development secures exclusive bunkering arrangement with Lumut port
Photo credit: Manifold Times
Published: 29 June, 2020
Sukumar Verma, Managing Director at Informa Connect Singapore, explains how the world’s largest bunkering event will be virtually carried out between 6 to 8 October 2020.
David John Kidd amassed losses of over SGD 1 million to Lukoil Asia Pacific Pte Ltd through multiple irregular trades with Transocean Oil over a four-month period in 2016.
Helmsman LLC lawyers discuss pausing of LC payment, what it means for parties buying ships from companies of a group affected by fraud allegations, and trafficking in spent bills of lading.
Beluga Asia has entered into a Memorandum of Agreement with Sun Marine Corporation to acquire bunker tanker M.T. MA Veronica for USD 2.45 million.
Listing of Brightoil’s shares on the Stock Exchange was cancelled on 16 March 2020, according to a written Judgement of Russell Coleman, a Judge of the Court of First Instance.
‘To this end, the Bank has shown there are grounds for suspecting the CIA Contract may be a sham / fake contract and/or was not performed,’ said CMB’s submission to the Singapore court.