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
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Related: Tumpuan Megah Development conducts first Lumut bunkering operations
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Related: Tumpuan Megah Development secures exclusive bunkering arrangement with Lumut port
Photo credit: Manifold Times
Published: 29 June, 2020
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