Straits made its first bunker supply operation in November last year. Image Credit: Straits
Malaysia's Straits Inter Logistics Berhad (Straits) has moved to take a 38% stake in Hong Kong bunker trader Banle Energy Int Ltd (Banle).
The news comes after the two parties signed a heads of agreement (HOA) back in January, looking to explore a potential business cooperation.
Incorporated in 2015, Banle lists former Brightoil man Chia Teck Lim among its directors.
"The Proposed Acquisition is also expected to provide Straits Group an additional income stream in the form of share of profit from Banle, which will become an associate company of Straits Group post-completion of the Proposed Acquisition," Straits said in an associated filing.
Straits Inter Logistics is a relatively new player in the market, undertaking its first bunker supply operation in November last year.