Malaysia-listed bunker player Straits Inter Logistics (Straits) on Friday entered into a conditional share sale agreement with CBL (Asia) Limited to purchase 38% in Hong Kong-based bunker trading firm Banle Energy International Limited (Banle) for a consideration of RM 14,997,840 (USD $3.58 million).
The development is subject to approval of respective shareholders and Hong Kong authorities, said Straits in a Bursa Malaysia note.
In January, Straits entered into a Heads of Agreement with Banle to explore potential business cooperation and/ or collaboration opportunities with the objective to further expand their oil bunkering business geographically.
In May, both parties, extended the arrangement for nine months from 17 May 2018 to 17 February 2019.
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: 12 November, 2018
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