Asia/Pacific News
Malaysian Bunker Supplier Aiming to be Listed by December
Tan Sri Dr Jason Goh Teck Chai, founder of bunker supplier Tumpuan Megah Development Sdn Bhd (Tumpuan Megah), says the company is expected to be listed on Bursa Malaysia by December, 2016.
"We are on track with the listing exercise and our bankers are working on the necessary processes and documentation. If all goes well, we will be able to be listed on Bursa Malaysia by December," Goh told Business Times.
"Although we do not know the exact date, we must get everything done within the calendar year."
The company is understood to have been originally aiming for a listing by this year's second quarter.
Goh says the move is part of its long-term expansion strategy to access what it sees as the largely untapped bunker market.
Tumpuan Megah, which is involved in bunkering activities in Johor and Kemaman, Terengganu, is reported to have recently expanded its operations to Miri and Bintulu, and invested as much as RM60 million ($15.02 million) to expand its fleet.
"Now we have eight vessels. These are to cater to the demand from our steadily-increasing customers," said Goh.
The company's fleet is said to be currently supplying between 500,000 and 5 million litres per month to clients that include Dayang Enterprise Holdings Bhd (Dayang), and Petra Energy Bhd (Petra Energy).
"We are currently studying the possibility of investing in oil trucks and we have strategies in place to accelerate our growth," explained Goh, adding: "we anticipate to register a net profit of RM5 million and a turnover of RM230 million for this year."
In January, Raya International Bhd (Raya International) announced that its subsidiary Selatan Bunker (M) Sdn Bhd (Selatan Bunker) had signed a partnership agreement with Tumpuan Megah to work toward the development of bunkering services for marine fuel in Pasir Gudang, Johor.
