Asia/Pacific News
Singapore Firm Takes 10% Stake in Malaysian Bunker Supplier Straits Inter Logistics
A Singapore-based investment company has bought a 10% stake in Malaysian bunker supplier Straits Inter Logistics.
Singapore's Avarga Investment has bought 78.1 million shares in the company, equivalent to a 10% stake, Straits Inter Logistics said in a regulatory filing on Monday.
Avarga paid about 13.7 million ringgit ($3.4 million) for the stake, according to its own regulatory filing.
"The Acquisition is in furtherance of the Company's investment business which focuses on identifying new investment opportunities locally and overseas that has the potential to increase revenue streams and produce good returns on investments," Avarga said.
Malaysia's bunker market has performed well over the past year, and is likely to continue expanding alongside Singapore's as the global economy recovers from the COVID-19 crisis.
