Asia/Pacific News
Raya Subsidiary Partners with Tumpuan Megah to Enter Malaysian Bunker Market
Raya International Bhd (Raya International) has announced that its subsidiary Selatan Bunker (M) Sdn Bhd (Selatan Bunker) has signed a partnership agreement with Tumpuan Megah Development Sdn Bhd (Tumpuan Megah) to work toward the development of bunkering services for marine fuel in Pasir Gudang, Johor, Malaysian media reports.
"In this respect, the group incorporated Selatan Bunker in September to undertake this endeavour (including obtaining the license for oil bunkering activity) and conducted equity fund raisings via private placement, of which part of the placement proceeds were earmarked to venture into the oil bunkering segment," said Raya International.
It is reported that under the agreement Selatan Bunker will provide technical and marketing expertise, as well as funding for all business matters related to oil bunkering activities.
Raya International says that it is optimistic that entering into the Malaysian oil bunkering market will prove positive for the group in the long term.
In November, the Malaysian Maritime Enforcement Agency (MMEA) announced that it had apprehended three vessels suspected of illegally transferring bunkers ship-to ship in Malaysian waters.
