Tan­jung Off­shore buys 51% stake in Wen­max

The Sun (Malaysia) - - SUNBIZ -

PETALING JAYA: Tan­jung Off­shore Ber­had is ac­quir­ing a 51% stake in in­dus­trial equip­ment, machin­ery, spare parts and lu­bri­cants oil sup­plier Wen­max Sdn Bhd for RM8 mil­lion.

In a fil­ing with the stock ex­change, the oil and gas ser­vices provider said its wholly owned sub­sidiary Gas Gen­er­a­tors (Malaysia) Sdn. Bhd had en­tered into a share sale agree­ment with Me­gaxus Re­sources Sdn. Bhd for the ac­qui­si­tion.

Wen­max is a li­censed Petro­liam Na­sional Bhd (Petronas) ven­dor which al­lows it to sup­ply its prod­ucts to Petronas group of com­pa­nies for its oil and gas projects.

Wen­max re­ported an au­dited rev­enue and net profit of about RM27.69 mil­lion and RM1.52 mil­lion re­spec­tively, for the fi­nan­cial year ended March 31, 2016.

The ac­qui­si­tion sum will be funded through in­ter­nally gen­er­ated funds.

Tan­jung Off­shore said the ac­qui­si­tion will en­able it to fur­ther ex­pand its business within the up­stream oil and gas in­dus­try.

It is also ex­pected to pro­vide the group with the op­por­tu­nity to im­prove its fi­nan­cial po­si­tion.

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