The Board of Directors of Malaysia-listed bunkering firm Straits Inter Logistics (Straits) has fully approved two proposed expansion plans, it said on Monday (28 January).
The first approval is related to a conditional share sale agreement with CBL (Asia) Limited to acquire a 38% share of Hong Kong-based bunker trading firm Banle Energy International Limited (Banle) for a consideration of RM 14,997,840 (USD $3.58 million).
The second approval is regarding a horizontal expansion into the land transportation and logistics business through wholly-owned subsidiary company, namely Straits Alliance Transport Sdn Bhd.
Straits posted a 60.7% on year increase in net profit for the quarter ended 30 September (Q3) of 2018.
The company in November incorporated Straits Marine Fuels & Energy Sdn Bhd as part of an expansion plan.
Related: Straits Inter Logistics mulls $3.6 million acquisition of Banle Energy
Related: Straits Inter Logistics mulls land logistics move
Related: Malaysia: Straits Inter Logistics Q3 profit 61% up after bunker acquisition
Related: Straits Inter Logistics forms new bunkering subsidiary
Photo credit: Straits Inter Logistics
Published: 29 January, 2019
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