13SEP2019 - NEWS - Straits Inter Logistics unit to buy oil tanker for RM20.45m

Straits Inter Logistics Bhd’s unit has signed a memorandum of agreement (MoA) to acquire a 13 year-old oil tanker named Poseidon for a total of US$4.84 million or RM20.45 million cash from Hibiscus Fuels Ltd.

The proposed acquisition is in line with the group’s strategy to enlarge its asset base in view of the higher business volume and the expansion phase that it is currently experiencing, said Straits.

In an exchange filing, Straits said the MoA was signed between SMF Ixora Ltd and Hibiscus Fuels. SMF Ixora is a wholly-owned subsidiary of Straits Marine Fuel & Energy Sdn Bhd, which in turn is a 67% owned subsidiary company of the group.