Malaysia-listed oil and bunkering firm Straits Inter Logistics (SIL) will continue to expand its oil trading and bunkering business in the coming financial year, says its Thursday published Annual Report.
The firm is a 100% owner of bunkering-affiliated firms TMD Straits and TMD Sturgeon; a 51% owner of Selatan Bunker (M) Sdn. Bhd; and 49% owner of Fajar Maritime and Logistics Sdn. Bhd.
It posted a 27-fold increase in net profit in 2017, and projects to expand its oil trading and bunkering business by increasing its deliverable tonnage capacities by acquisitions or charter arrangements in the coming financial year.
SIL on 18 January 2018 entered into a non-binding Heads of Agreement with Banle Energy International Limited (Banle), a Hong Kong company principally engaged in the trading of bunker oil and provision of marketing administrative services, to explore potential business cooperation and/or collaboration opportunities.
“We are currently still in the process of finalizing the terms of the proposed collaboration which is expected to positively enhance the Group’s business,” updates Group Managing Director Dato’ Sri Ho Kam Choy.
Bursa Malaysia on January 2018 approved a Proposed Private Placement to enable SIL to raise working capital to expand its bunkering business and is currently working to complete the said placement, he adds.
Moving forward, the group forecasts more collaborations and business expansion activities for its bunkering business in line with an intention to widen its geographical coverage.
It is also currently in discussions with external parties on potential collaborations for provision of bunkering services.
“The demand for the group’s bunkering activities for 2018 is expected to be encouraging and it will continue to assess the demand from its existing and potential customers through continuous marketing activities,” notes Ho.
“The management expects the projected vibrant growth in the Malaysian economy and supportive government policies to positively impact the bunkering services industry.
“With such a positive outlook, STRAITS will stand ready to tap the prospects and to strive harder to increase shareholders’ value in the forthcoming years.”
Photo credit: Straits Inter Logistics
Published: 27 April, 2018
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