Sindora sees good prospects in shipping

JOHOR BARU: Sindora Bhd sees good prospects for it to expand into shipping, particularly in logistics and ship management. 

Chairman Tan Sri Muhammad Ali Hashim said the industry presented vast opportunities for further growth in upstream and downstream activities. 

“Our ultimate target is to become one of the notable players in the industry in the region,” Ali after the company’s EGM on Friday. 

At the meeting, shareholders approved the proposed purchase of 6,901,779 shares, or 51% stake, in E.A. Technique (M) Sdn Bhd (EATech) for RM38.25mil. 

Sindora also received approval for it to enter a 15-year, RM15mil concession agreement with Johor Corp to manage, operate and maintain parking facilities at the soon-to-be-opened Persada Johor International Convention Centre. 

The job will be undertaken by its 75% subsidiary, Metro Parking (M) Sdn Bhd, a leading car parking operator in Malaysia. 

“The acquisition of EATech is part of our strategy to diversify our activities under the Intrapreneur Venture Business (IVB) programme,” he said. 

Ali said EATech would take delivery of its fourth product tanker, a 5,000-DWT vessel in July next year. The vessel, being built in Perak, costs RM36mil. 

Its current fleet is made up of three product tankers, one liquefied petroleum carrier, two harbour tugboats and one security boat. The company's revenue mainly comes from the Petronas group. 

Ali said Metro Parking currently managed 80,000 parking bays in Brunei, Indonesia, Malaysia and Singapore and it was constantly on the lookout for more projects. 

“We are planning to go to Thailand, but the plan has to wait due to the political situation there,” he said.  

 SINDORA :  [Stock Watch]  [News]

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