The group said in a sotck exchange filing it has agreed to acquire 490,000 shares or 49% stake in the oil and gas marine services provider for RM735,000 cash and will further invest RM9.27mil in the company over a period of five years.
"Ni Hsin is already familiar with the global market, and hence will further enhance Satumarin’s global aspirations," said Ni Hsin group chairman Sofiyan Yahya.
He added that Satumarin is expanding into new specialised services and aims to be the leading marine specialist player in the region.
According to Satumarin managing director Mohd Zailani Abdul Razak, Ni Hsin's investment will give it a more solid base to ventur into new market sector such as marine warranty survey.
"Marine Warranty Survey is an essential service to reduce the risk of loss or damage in high value marine construction and transportation projects, and we intend to establish, manage and operate a new arm for this with 100% local manpower expertise,” he said.
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