Tuesday, 11 June 2013

Tanjung Offshore buying controlling stake in foreign oil and gas company for RM1bn?

Tanjung Offshore Bhd is in the final stages of acquiring a controlling stake in a foreign oil and gas (O&G) company that owns and manages several offshore oil rigs for a price tag of close to RM1bn. According to a source, if successful, the new asset would become would become Tanjong Offshore's main business. Tanjung Offshore was formerly an offshore supply vessel (OSV) operator and owner, before selling that business to Ekuiti Nasional Bhd (Ekuinas). Sources said Tanjung Offshore would acquire the stake via the issuance of new shares and bonds as well as cash. (Starbiz)

Source: CIMB Daybreak - 11 June 2013

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