PETALING JAYA: Enra Group Bhd’s 60%-owned subsidiary Enra SPM Labuan Ltd (ESPML) has proposed to acquire an oil and chemical tanker known as Maersk Edgar from Denmark’s Maersk Product Tankers A/S for US$9.3 million (RM38.87 million) cash.
ESPML is a wholly owned subsidiary of Enra SPM Sdn Bhd, which is 60% held by Enra Oil & Gas Services Sdn Bhd, a wholly owned subsidiary of Enra. The remaining 40% is held by SPM Terminals Pty Ltd.
Maersk Product Tankers is involved in the business of carrying refined oil products worldwide for customers and has its headquarters in Copenhagen, Denmark.
The purchase consideration will be financed via a combination of internally generated funds and bank borrowings.
In a stock exchange filing, Enra said each shareholder of Enra SPM will provide their respective contributions to the proposed acquisition in proportion to their effective shareholdings in ESPML. As such, Enra’s 60% portion of the purchase consideration is US$5.58 million.
Enra, via SPM and ESPML, is the provision of storage and offloading solutions to oil & gas fields.
“The proposed acquisition is in line with this core business and is part of Enra SPM’s business strategy to expand its offshore services and enhance its capabilities in offshore oil and gas operations. The ownership of the vessel will also position Enra SPM and ESPML to be more competitive in pursuing new contracts in this core business area,“ Enra said.
