Pos Malaysia buys two bulk carrier vessels for RM141 million

PETALING JAYA: Pos Malaysia Bhd is acquiring two bulk carrier vessels for US$32.9 million (RM141 million).
The group told Bursa Malaysia that its wholly owned subsidiary PNSL Bhd had signed a memorandum of agreement (MOA) with Ratu Shipping Co SA for the acquisition of a unit of second-hand Kamsarmax bulk carrier vessel namely "Golden Trader 1".
Meanwhile, PNSL had also signed another MOA with Trans Nanjing Shipping Ltd for the acquisition of another unit of second-hand Post-Panamax bulk carrier vessel namely "Trans Nanjing".
To recap, PNSL was awarded with two 10-year contracts by TNB Fuel Services Sdn Bhd on July 19, 2016 for PNSL to transport coal from various countries into ports in Malaysia. The value of the contracts is US$194 million (RM832 million).
PNSL is currently utilising chartered vessels to transport the coal prior to the acquisition of these two used vessels. The acquisitions will be fully satisfied in cash through bank borrowing and internal fund.
Pos Malaysia shares fell two sen to RM5.17 on Friday on some 195,200 shares done, bringing it a market capitalisation of RM4.05 billion.