Malaysia’s R&A Telecommunication Group is buying Semua Shipping from Sumatec Resources.
Semua currently owns six 8,000 dwt product tankers. All these vessels currently have long-term charters with Shell Malaysia. R&A will issue new shares to help fund the RM150m ($37.5m) acquisition. The deal still has to go through a due diligence phase.
Sumatec has put Semua in the shop window for some time. Asia Bioenergy Technologies last year entered into a heads of agreement to buy out Semua, but the deal failed to materialise.