Malaysia: Straits Logistics to buy Tumpuan Megah; Tiong Nam buys Johor land

In deal updates from Malaysia, Straits Inter Logistics Bhd is planning to acquire 55 per cent stake in Tumpuan Megah for RM35.75 million ($9 million) while Tiong Nam Logistics Holdings Bhd is looking to purchase a freehold land in Johor for RM40.22 million ($10.12 million).

Straits Inter Logistics proposes to buy Tumpuan Megah

Oil trading and bunkering service provider Straits Inter Logistics Bhd is planning to acquire 55 per cent stake in Tumpuan Megah Sdn Bhd for RM35.75 million ($9 million), according to a media release.

The deal comprises of a cash payment of RM7.8 million ($1.96 million) while the remaining amount of RM27.95 million ($7.03 million) will be met via an issuance and allotment of over 11 million new ordinary shares of Straits Inter Logistics at an issue price of 24 sen per share.

The proposed acquisition will add to the fleet of Straits enabling it to undertake higher volume of bunkering services, said Straits Inter Logistics group managing director Ho Kam Choy.

Tumpuan Megah, which focuses on the oil bunkering services business, operates out of eight ports in Malaysia.

Tiong Nam plans to buy Johor land for $10m

Logistics giant Tiong Nam Logistics Holdings Bhd is planning to purchase a tract of freehold land in Johor Baru for RM40.22 million ($10.12 million) to increase the company’s existing land banks, according to a filing in the local stock exchange.

Tiong Nam, which is buying the tract through its unit Medini Heritage Sdn Bhd, intends to develop it within six months. The development is expected to be completed in two years’ time.

The land is located in the Eastern Gateway of Iskandar Malaysia, near Pasir Gudang Industrial Hub and Tanjung Langsat Industrial Park. It is also 5.5km from Senai–Desaru Highway, one of Johor’s major expressways.

Also read:

Billionaire Krishnan said to mull buyout of $1.9b pay-TV operator Astro Malaysia

Malaysia’s Berjaya Land sells Vietnam’s finance center project to Vinhomes