PETALING JAYA: Avangaad Bhd, formerly known as E.A. Technique (M) Bhd, is proposing to acquire marine service provider Bumi Jaya Shipcare Sdn Bhd and two tugboats (Vessel PW Tekun and Vessel Bumi Jaya) for RM49mil.
In a filing with Bursa Malaysia, Avangaad said it has inked a term sheet with Johor Ship Care Sdn Bhd, Impresif Rezeki Sdn Bhd, Ben Bakar Abdullah and K Sugumaran Kolanthai, who are the vendors of the proposed acquisition of the aforementioned assets.
Last month, E.A. Technique exited from its Practice Note 17 status. Avangaad said the deal will strategically expand the company’s vessels fleet, enhancing its capability to deliver higher-value maritime services.
With a focus on securing additional long-term contracts, the group said it aims to scale operations and drive resilient growth to ensure long-term financial stability.
