Malaysia-listed bunkering firm Straits Inter Logistics (Straits) on Thursday incorporated Straits Marine Fuels & Energy Sdn Bhd as part of an expansion plan, it said in an announcement on Bursa Malaysia.
“The intended principal business activities of SMF are to carry on the business of providing bunkering services for marine fuel, marine gas oil, lubricants etc and as ship owners in line with the group’s direction to expand its existing business activities of bunkering services and oil trading,” it stated.
“None of the Directors and/or major Shareholders of Straits and persons connected to them has any interest, direct or indirect, in the incorporation of the wholly-owned subsidiary company except for YAM Dato’ Seri Tengku Baharuddin Ibni Sultan Mahmud and Tan Sri Mohd Bakri Bin Mohd Zinin, who are directors of Straits and also directors in the said new wholly-owned subsidiary, representing the interest of Straits.”
The above development comes a day after Straits posted a 60.7% on year increase in net profit for the quarter ended 30 September (Q3) of 2018.
Related: Straits Inter Logistics Q3 profit 61% up after bunker acquisition
Related: Straits Inter Logistics mulls $3.6 million acquisition of Banle Energy
Related: Straits Inter Logistics and Banle Energy explore bunker business opportunities
Related: Malaysia: Bunkering firms extend HOA arrangement
Related: Straits Inter Logistics posts 9.6% on year increase in Q2 net profit
Related: Bursa Malaysia approves Straits Inter Logistics acquisition of Tumpuan Megah
Related: Straits Inter Logistics to acquire Tumpuan Megah Development for RM35.75 million
Related: Straits Inter Logistics Q1 revenue up 57%
Related: Straits Inter Logistics: Positive outlook for Malaysia bunkering sector
Related: Malaysia-listed bunkering firm Straits Inter Logistics net profit up 27 times
Photo credit: Straits Inter Logistics
Published: 30 November, 2018
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