Asia/Pacific News
PwC Puts Singapore Bunker Supplier Up For Sale
Global accountancy firm PricewaterhouseCoopers (PwC) has published a notice in the Singapore press seeking buyers for "an independent bunker fuel and lubricant supplier in Singapore."
The notice, which has also been sent to Ship & Bunker by PWC, keeps the company unnamed, but some of the details bear similarity to Ocean Bunkering, the marine fuels arm of troubled oil trading firm Hin Leong.
The company is noted as having been operating for more than 40 years, selling both marine fuels and its own in-house brand of lubricants.
"The majority shareholder of the company is seeking to sell its shares in the company, subject to obtaining relevant regulatory approvals," PwC said in the notice emailed to Ship & Bunker.
The notice seeks expressions of interest by October 15 to be sent to Goh Thien Phong, Chan Kheng Tek and Lie Kok Keong of PwC. Goh Thien Phong and Chan Kheng Tek were appointed interim judicial managers of Hin Leong by the Singapore High Court earlier this year.
If Ocean Bunkering is confirmed to be up for sale, it is unclear what level of interest there would be from buyers. Much would depend on how much of the company's storage facilities and delivery infrastructure were included in the sale.
Ocean Bunkering was listed as Singapore's third-largest bunker supplier by volume last year by the country's Maritime and Port Authority.
