Malaysia-listed bunkering firm Straits Inter Logistics (Straits) Monday issued new securities worth RM 6,555,000 (approximately USD $1.6 million) to raise additional funds, as part of listing requirements.
“On behalf of the Board, UOB Kay Hian wishes to announce that the Board had on 2 July 2018 ("Price-Fixing Date") resolved to fix the issue price for the Private Placement, comprising 28,500,000 new ordinary shares of Straits ("Straits Share(s)") ("Placement Share(s)") at RM0.23 per Placement Share,” it said in a note on the exchange.
“The issue price of RM0.23 per Placement Share represents a discount of approximately 7.22% to the 5-day weighted average market price ("WAMP") of Straits Shares up to and including 29 June 2018, being the last traded day of Straits Shares immediately preceding the Price-Fixing Date, of RM0.2479 per Straits Share.”
Straits in June announced a proposal to acquire a 55% majority stake in Malaysia-based bunker supplier for the consideration of RM35.75 million..
The company posted a 57% increase in revenue for the quarter ended 31 March 2018 (Q1 2018) due to the start of a bunkering services contract which came into effect in the fourth quarter of 2017.
Related: Straits Inter Logistics to acquire Tumpuan Megah Development for RM35.75 million
Related: Straits Inter Logistics Q1 revenue up 57%
Related: Malaysia: Bunkering firms extend HOA arrangement
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Related: Malaysia-listed bunkering firm Straits Inter Logistics net profit up 27 times
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Photo credit: Straits Inter Logistics
Published: 3 July, 2018
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Veritas Petroleum Services records numerous contaminants such as plastic, fibres, black gum, paraffins, fatty acids, and other component found in the off-spec RMK 700 marine fuel.
Course includes topics on valid and binding transactions; quality or quantity disputes; shipping issues; contract termination; claims; insolvency and others. Registration closes 25 February 2021.
All bunker vessels that have received the necessary clearance for out of port bunkering operations may do so at the stated Tompok Utara coordinates only or risk penalty, according to the MMEA.
