Asia
Orkim Unit to Acquire Tanker for 157 Million Yuan
Orkim's (KLSE:ORKIM) subsidiary, Orkim Ambition, signed a memorandum of agreement with Allcontinents International Shipping to acquire an IMO Type II oil/chemical tanker, MT Rong Yao Wu Zhou, for 157 million yuan.The vessel has a deadweight of 13,988.4 tonnes and gross tonnage of 9,613, according to a Wednesday filing with Bursa Malaysia.The purchase price and estimated startup costs will be funded through proceeds from the oil and gas shipping company's existing sukuk issuance program.The acquisition will enhance the company's operational flexibility and will allow it to carry both clean petroleum products and chemical cargoes.The transaction is expected to conclude by the third quarter of the year, the filing said.
KLSE:ORKIM
