PETALING JAYA: Straits Inter Logistics Bhd’s 55% subsidiary Tumpuan Megah Development Sdn Bhd (TMD) has entered into an agreement with Bintulu Port Sdn Bhd (BPSB) for the provision of bunkering services for three years.
The contract will be commencing from Aug 1, 2019 with the option to renew for not more than two years.
At present, TMD is operating its business in eight ports in Malaysia, which include, Pasir Gudang Port, Tanjung Pelepas Port, Johor Bahru Port, Kuantan Port, Kemaman Port, Kuala Terengganu Port, Labuan Port and Miri Port.
“By entering into this agreement with BPSB, TMD hope to establish a base in bunkering business in Bintulu and subsequently to further enlarge its bunkering business in East Malaysia. This tie-up with BPSB is part of the group’s overall strategy to establish collaboration with strategic ports in Malaysia to bunker for vessels within their port limits,“ Straits Inter Logistics said in a stock exchange filing.
The company expects the new venture to contribute positively to the revenue and future earnings of Straits group.
“The agreement is expected to contribute positively to the future earnings of the group,“ it added.
Source: The Sun Daily