PETALING JAYA: Oil trading and bunkering company Straits Inter Logistics Bhd is acquiring a 55% equity interest, or 8.25 million shares, in fellow bunker player, Tumpuan Megah Development Sdn Bhd, for RM35.75mil via a combination of cash and shares.
This proposed acquisition comes with a profit guarantee of RM10mil by the vendor for two financial years ending Dec 31, 2019 (FY19) and FY20. Based on the 55% stake to be owned by Straits, it shall be entitled to a yearly profit guarantee of approximately RM2.75mil.
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