Asia/Pacific News
Malaysia's Fast Energy Seeks to Take Majority Stake in Bunker Trader CCK Petroleum
Malaysian marine fuels and energy firm Fast Energy is proposing to take a majority stake in bunker trading company CCK Petroleum.
Fast Energy currently holds a 35% stake in CCK Petroleum, and is proposing to increase that stake to 70%, it said in an exchange filing last week. The deal would cost Fast Energy 28 million ringgit ($6.4 million) in cash and shares.
CCK is a bunker trading firm covering the Malaysian market. It saw revenue of 23.4 million ringgit in 2021, and pre-tax profit of 3.1 million ringgit.
"The pandemic had underscored the importance of maritime transport as an essential sector for the continued delivery of critical supplies and global trade in time of crisis, during the recovery stage and when resuming normality," Fast Energy said in the filing.
"CCKSB, being a trader of petroleum products and provider of oil bunkering services, is well-positioned to serve the needs of the players in the maritime industry."
