Straits Inter Logistics unit proposes RM18.6mil vessel purchase

  • Corporate News
  • Thursday, 17 Sep 2020

KUALA LUMPUR: Straits Inter Logistics Bhd subdisiary SMF Eden Maritime Ltd has proposed to acquire an oil tanker from Millenium Satu Ltd for a purchase consideration of US$4.5mil (RM18.6mil) cash.

The group said in a filing with Bursa malaysia that the purchase consideration is to be satisfied over a period of 36 months from the delivery date.

According to the filing, the purchase consideration represents a discount of about 1.1% over the market value of the vessel as ascribed by an independent registered valuer.

"The Proposed Acquisition enables SMF Eden to own a vessel, named MO Satu of which the acquisition cost is at a discount to its Market Value for its business requirements without having the need to lease or charter from other vessel owner or operator.

"The addition of MO Satu will enlarge the asset base of Straits and its subsidiary companies and would provide the Group the flexibility in respect of its allocation and utilisation of vessels in undertaking its busines activities," it said.
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