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Straits Inter Logistics plans private placement to increase stake in Tumpuan Megah

Group’s decision is based on Tumpuan Megah’s substantial contribution through its bunkering business to the company’s profits as well as projected earnings.
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Malaysia-listed Straits Inter Logistics Berhad (SIL), the parent of Tumpuan Megah Development Sdn Bhd (Tumpuan Megah), on Monday (11 January) announced its proposal to undertake a private placement and an acquisition.

In the company’s filing, it stated the private placement is of up to 20% of the total number of issued shares to third party investor(s) to be identified later, while the proposed acquisition involves another 15% stake in Tumpuan Megah Development Sdn Bhd from Datuk Mohd Suhaimi Hashim for MYR 11.71 million (MYR 2.9 million) cash. 

On the private placement, the company said based on an indicative issue price of 18 sen per placement share, it is expected to raise RM28.94 million under the maximum scenario. 

The private placement is expected to be completed in the second quarter of 2021 and is intended to fund the proposed acquisition, which in turn is expected to contribute positively to the group’s future earnings. 

At present SIL holds a 55% stake in Tumpuan Megah. Upon completion of the proposed acquisition, Tumpuan Megah will become a 70%-owned subsidiary of SIL.

SIL explained its decision is based on Tumpuan Megah’s historical substantial contribution to the company’s profits as well as its future projected contributions.

As such, the acquisition of additional equity interest in Tumpuan Megah is expected to allow SIL to recognise a higher percentage of profit after tax (PAT) from Tumpuan Megah, translating to a more reflective margin result of SIL according to its controlling interest in Tumpuan Megah. 

In addition, the SIL’s board believes the group’s increased equity interest in Tumpuan Megah will contribute positively to its future net profit, based on the technical expertise and resources of Tumpuan Megah in oil bunkering services and trading of oil and petroleum products.

Such technical expertise and resources of Tumpuan Megah include, amongst others, 62 PDA Licences for the provision of bunkering services at 32 ports (at present, Tumpuan Megah has operations at 14 ports in Malaysia), 4 PDA Licences for distribution and wholesale of petroleum products and petroleum materials, 3 PDA Licences for transportation of petroleum products by oil tanker, 12 operational vessels for providing bunkering services and an established network of customers and suppliers located in countries including, amongst others, Malaysia, Singapore, Hong Kong and Indonesia.

The proposed acquisition will enable SIL to continue to leverage on the PDA Licences and operating ports of Tumpuan Megah to allow SIL to explore business opportunities at ports where Tumpuan Megah holds PDA Licences but does not currently have operations.

Singapore bunker publication Manifold Times reported SIL posted a 66% fall in its third quarter (Q3) 2020 net profit due to reduction in revenue from the oil trading & bunkering services, due to Covid-19 related economic restrictions.

Related: Straits Inter Logistics sees 66% decline in net profit; slight recovery in bunker business
Related: Straits Inter Logistics subsidiary SMF Eden acquires “M.T. MO Satu” bunker tanker for USD 4.5 million
Related: Straits Inter Logistics sees 67.8% fall in Q2 2020 profit due to Covid-19 related impact
Related: Straits Inter Logistics subsidiary Beluga Asia acquires bunker tanker to increase service availability
Related: Straits Inter Logistics IMO 2020 strategies contribute 141.2% jump in revenue for Q1


Photo credit: Straits Inter Logistics Berhad
Published: 12 January, 2021

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Singapore-based ONE celebrates maiden voyage of methanol-and-ammonia ready boxship

Following the successful deployment of “ONE Singapore” and its sister vessels, “ONE Solidarity” will be deployed on the Mediterranean Pacific South 2 (MS2) service.
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July 3, 2026

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Singapore-based ONE celebrates maiden voyage of methanol-and-ammonia ready boxship

Singapore-based container shipping company Ocean Network Express (ONE) on Thursday (3 July) said it celebrated the maiden voyage of containership ONE Solidarity as the ship made its first-ever arrival in Shekou, China. 

“As one of our S-series methanol and ammonia ready container vessels, ONE Solidarity is another demonstration of ONE’s commitment to sustainable shipping,” the company said in a social media post. 

Following the successful deployment of ONE Singapore and its sister vessels, ONE Solidarity will be deployed on the Mediterranean Pacific South 2 (MS2) service. 

“Her deployment will boost our service capacity, ensuring faster, more reliable, and highly efficient shipping offerings across key global trade lanes,” the company added.

 

Photo credit: Ocean Network Express
Published: 3 July, 2026

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Alternative Fuels

“Lucia Cosulich” enters final preparation ahead of bunkering operations

Following delivery of the ship in China, it will now enter the final preparation phase ahead of its next operational steps, strengthening Fratelli Cosulich’s ability to provide reliable bunkering solutions.
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July 3, 2026

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“Lucia Cosulich” enters final preparation ahead of bunkering operations

Fratelli Cosulich Marine Energy on Thursday (2 July) celebrated the delivery of Lucia Cosulich at Taizhou Maple Leaf Shipyard in China.

The vessel is the second of four sister methanol-ready IMO II bunker tankers developed within the Group’s fleet expansion programme and follows the launching ceremony held on 2 May 2026.

Designed to support the Group’s bunkering operations and future fuel requirements, Lucia Cosulich is part of the new generation of vessels developed by Fratelli Cosulich Marine Energy to combine operational reliability, safety and fuel flexibility.

Lucia Cosulich will now enter the final preparation phase ahead of its next operational steps, further strengthening the Group’s ability to provide reliable bunkering solutions.

“We wish Lucia Cosulich and her crew fair winds on the next stage of her journey,” the company said. 

Related: Fratelli Cosulich launches second methanol-ready bunker tanker in China

 

Photo credit: Fratelli Cosulich
Published: 3 July, 2026

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Glencore backs FincoEnergies’ biofuel growth with majority stake acquisition

With Glencore’s support, FincoEnergies is well positioned to continue expanding its offerings in biofuels across multiple transport segments and to increase its presence in new geographies.
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July 3, 2026

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Dutch biofuel supplier FincoEnergies on Thursday (2 July) announced the completion of global commodities trader Glencore’s acquisition of a majority stake in the company, forming a partnership with Coloured Finches.

FincoEnergies said its fuel distribution and logistics infrastructure, customer relationships and expertise in downstream fuel transportation will be complemented by Glencore’s global scale, sourcing capabilities and experience across the energy value chain.

With Glencore’s support, FincoEnergies added it is well positioned to continue expanding its offerings in biofuels and decarbonisation solutions across multiple transport segments and to increase its presence in new geographies.

Jan-Willem van der Velden, FincoEnergies CEO and Founder, said: “Today marks an exciting next step for FincoEnergies. Glencore already knows our business well, and this builds on years of collaboration, trust and shared ambition. With Glencore’s support and global reach behind us, we are in a strong position to continue growing our business and supporting our customers as demand for lower-carbon fuel solutions continues to evolve.”

Maxim Kolupaev, Head of Glencore Energy UK, said: “Glencore’s investment in FincoEnergies strengthens the presence of our business in Northwest Europe and creates a strong platform for future growth. We are looking forward to continuing to work closely with the FincoEnergies team and building on the successful relationship we have already developed together.”

Manifold Times previously reported FincoEnergies signing an agreement with Glencore for the acquisition of a majority shareholding in the FincoEnergies Group in a partnership with Coloured Finches.

Related: Glencore acquires majority stake in Dutch biofuel supplier FincoEnergies

 

Photo credit: FincoEnergies
Published: 3 July, 2026

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