Handal buys majority stake in Borneo SeaOffshore from major shareholder

In a filing with Bursa Malaysia, Handal said that the contract entails the provision of maintenance and repair services and provision of manpower services for 19 cranes located offshore Peninsular Malaysia

KUALA LUMPUR: Crane maintenance firm Handal Resources Bhd has proposed to acquire a majority stake in an oil and gas services company from its substantial shareholder for RM25.5mil.

The purchase, to be settled by the issuance on new shares and convertible stocks, comes with a RM5mil profit guarantee.