PETALING JAYA: PSP Energy Bhd
has entered into a memorandum of agreement with Eastern Marine Corp for the proposed acquisition of a bunker vessel for RM5.5mil.
In a filing with Bursa Malaysia, the fuel and lubricant products distributor said the proposed acquisition was in line with the group’s ongoing business expansion plan.
“It allows the group to grow one of its core business activities, namely, the bunkering business, by expanding the fleet size of its bunker vessels from currently three bunker vessels with total gross carrying capacity of approximately 2.4 megalitres, to four bunker vessels with total gross carrying capacity of approximately 4.9 megalitres.
“The increased carrying capacity would enable the group to increase its bunkering capacity, thereby allowing it to serve more customers and capture additional business opportunities.”
Additionally, PSP said the resultant increase in fleet size would also enable the group to enhance its operational scale and efficiency.
“The group is able to mobilise more bunker vessels to serve its existing customers, especially when any one of its existing bunker vessels is undergoing drydocking or at a remote location.”
