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Article: Baneng in pact to acquire Southport
- Article from:
- New Straits Times
- Article date:
- August 26, 2008
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New Straits Times
08-26-2008
Baneng in pact to acquire Southport
Edition: Main/Lifestyle
Section: Business Times
Type: Company
BANENG Holdings Bhd, an apparel manufacturer that is entering the oil and gas business, has signed a preliminary deal to buy a firm that has rights to do ship-to-ship (STS) transfer and floating storage operations.
It signed a memorandum of agreement to buy 51 per cent of Southport Freight Services Sdn Bhd. It has yet to finalise the purchase price.
"(With the acquisition,) Baneng will offer STS transfer operation services throughout the Port of Pasir Gudang," said Baneng executive director Albert Lim in a statement yesterday.
Southport is licensed by the Malaysian ...