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Lianson Fleet Unit Forms Vessel Acquisition, Charter Operations JV; Shares Drop 3%

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Lianson Fleet Group (KLSE:LFG) unit signed a joint venture deal with partners to establish a Singapore-based special purpose vehicle, Nusantara Orchid, for the acquisition and operation of the vessel MT High Tide, according to a Friday Malaysian bourse filing.

Lianson shares slid about 3% in Monday's afternoon trade.

Under the structure, Nusantara Orchid will be owned 45% each by Lianson Fleet - a unit of Lianson Fleet, and PSL Energy - the investment holding arm of Precious Shipping Public Company. The remaining 10% will be held by Emstraits Navigation.

The joint venture will focus on vessel ownership and charter operations. Lianson Fleet expects the JV to be completed in the third quarter. It will be funded through internal resources.

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