Hoe Leong Moves Into Tanker Business

Singapore listed spare parts distributor Hoe Leong Corporation (“Hoe Leong”) is acquiring a 49% equity interest in the tanker business of Sumatec Resources (“Sumatec”), a Malaysia listed oil and gas service provider. A new company will be established to acquire the entire share capital of Sumatec’s tanker operating and owning subsidiaries (Semado Maritime, Semua Shipping, Semua Chemical Shipping and Mini Tanker Chartering or collectively, the “Semua Group”). Following the acquisition, Hoe Leong, Sumatec and a private investment holding company Grand Columbia Holdings will each own 49%, 38% and 13% in the new entity.

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