Asia/Pacific News
Malaysian Firm's Bunker and Shipping Unit to get US Listing
Wednesday October 4, 2023
Malaysia-listed energy firm Straits Energy has said in intends to spin off its bunkering and shipping activities as a separate unit on the Nasdaq stock exchange in the United States.
According to a filing on the Bursa Malaysia announcing the move, the company has said that it intends to reorganise "some of its subsidiaries involved in the oil bunkering and shipping-related services segment for the purpose of forming a separate listing group".
A further detailed announcement on the proposed listed can be expected in due course, the filing said.
A circular to shareholders from the company in May lists a 51% stake in Selatan Bunker (M) Sdn Bhd and a 90% stake in Straits Marine Fuels & Energy.
