PETALING JAYA: Straits Inter Logistics Bhd’s heads of agreement (HOA) with Elsa Energy Sdn Bhd to explore potential acquisition opportunities has lapsed.
“As at Sept 5, 2019, there is no concrete and finite negotiation on the proposed cooperation or partnership between the company and Elsa pursuant to the HOA. Accordingly, the HOA has lapsed and ceased to have effect today,“ Straits said in a stock exchange filing.
Elsa is mainly engaged in the upstream segment within the oil and gas industry, whilst Straits is engaged in the provision of oil bunkering services and trading in oil products.
The HOA was to allow Straits and Elsa to explore potential business collaboration opportunities, which may include the possibility of a joint venture, business partnership and/or acquisition of equity stake between the parties for the purpose of further expanding and developing their respective business operations.
Elsa holds a license from Petroliam Nasional Bhd that qualifies Elsa to supply goods and services to both upstream and downstream sectors within the oil and gas industry to Petronas group of companies as well as all oil and gas companies in Malaysia.
source https://www.thesundaily.my/business/straits-inter-logistics-hoa-with-elsa-lapses-XA1345819
No comments:
Post a Comment