Malaysia-listed bunkering firm Straits Inter Logistics (Straits) on Thursday incorporated Straits Marine Fuels & Energy Sdn Bhd as part of an expansion plan, it said in an announcement on Bursa Malaysia.
“The intended principal business activities of SMF are to carry on the business of providing bunkering services for marine fuel, marine gas oil, lubricants etc and as ship owners in line with the group’s direction to expand its existing business activities of bunkering services and oil trading,” it stated.
“None of the Directors and/or major Shareholders of Straits and persons connected to them has any interest, direct or indirect, in the incorporation of the wholly-owned subsidiary company except for YAM Dato’ Seri Tengku Baharuddin Ibni Sultan Mahmud and Tan Sri Mohd Bakri Bin Mohd Zinin, who are directors of Straits and also directors in the said new wholly-owned subsidiary, representing the interest of Straits.”
The above development comes a day after Straits posted a 60.7% on year increase in net profit for the quarter ended 30 September (Q3) of 2018.
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Photo credit: Straits Inter Logistics
Published: 30 November, 2018
