Malaysia-listed Straits Inter Logistics Berhad (SIL), principally engaged in oil trading, bunkering and investment holding activities, on Monday (1 March) said Avarga Investment Pte Ltd, a wholly owned subsidiary of Avarga Ltd (Avarga), a public listed company on SGX, Singapore has become a substantial shareholder of SIL.
A filing with Bursa Malaysia showed 78.1 million shares representing 10% equity interest in Straits were transacted via an off-market transaction at RM0.175 (USD 0.043) per share.
Avarga is an investment holding company primarily involved in paper manufacturing, power generation and building materials distribution. It operates in 5 countries and employs more than 800 people with an annual revenue of MYR 4.5 billion (USD 1.1 billion). Its market capitalization currently stands at approximately RM1 billion (USD 247 million).
After the stake acquisition, Avarga has expressed its interest to pursue further strategic collaborations with Straits in the long run.
“Straits Inter Logistics Berhad is pleased to welcome aboard its new strategic shareholder. Needless to say, we are excited for the new synergies that will be formed out of this collaboration as we strive towards bringing Straits to even greater heights,” said Straits Group Managing Director Dato Sri Ron Ho Kam Choy.
Straits Inter Logistics is principally engaged in oil trading and fuel bunkering services which involve provision of refuelling marine gas oil and marine fuel oil through vessels to other ships and ocean faring vessels such as oil tankers, container vessels, cargo vessels and cruise ships.
At present, Straits Inter Logistics 55%-owned subsidiary, Tumpuan Megah Development Sdn Bhd operates at 15 ports in Malaysia, which include Lumut Port, Pasir Gudang Port, Tanjung Pelepas Port, Johor Bahru Port, Kuantan Port, Kemaman Port, Kuala Terengganu Port and Labuan Port, all of which are licensed under Petroleum Development Act 1974 (“PDA Licences”) for its bunkering services. It has a fleet size of 13 vessels.
Related: Straits Inter Logistics subsidiary acquires oil tanker ‘MT Guo Kang No 1’ for USD 1.6 million
Related: Straits Inter Logistics plans private placement to increase stake in Tumpuan Megah
Related: Straits Inter Logistics sees 66% decline in net profit; slight recovery in bunker business
Related: Straits Inter Logistics subsidiary SMF Eden acquires “M.T. MO Satu” bunker tanker for USD 4.5 million
Related: Straits Inter Logistics sees 67.8% fall in Q2 2020 profit due to Covid-19 related impact
Related: Straits Inter Logistics subsidiary Beluga Asia acquires bunker tanker to increase service availability
Related: Straits Inter Logistics IMO 2020 strategies contribute 141.2% jump in revenue for Q1
Photo credit: Straits Inter Logistics Berhad
Published: 2 March, 2021
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