Straits Inter Logistics buys oil tanker for RM10.4m

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KUALA LUMPUR (July 24): Straits Inter Logistics Bhd said it is buying a used oil tanker for RM10.42 million to add into its existing nine-vessel fleet that is involved in marine gas oil trading and oil bunkering services.

The purchase consideration represents a discount of about 30% over the market value as ascribed by an independent registered valuer, the group said in a filing with Bursa Malaysia.

Its purchase of the vessel from Sun Marine Corp is made through Beluga Asia Ltd, a wholly-owned subsidiary of Tumpuan Megah Development Sdn Bhd (TMD), which in turn is a 55%-owned subsidiary of Straits Inter.

The group said the vessel will be chartered to TMD for its business activities, which mainly cater to the demand for the trading of marine fuel oil as well as the provision of oil bunkering services of marine fuel oil.

“Based on the foregoing, the board deems the proposed acquisition is in favour to the future performance of the group,” said Straits Inter.

The group’s shares closed half a sen or 3% higher at 17 sen today, giving it a market capitalisation of RM111 million. Year to date, the stock is down 24%.