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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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The lowdown on bunker firm Tumpuan Megah as 55% acquisition nears completion

Tumpuan business overview and how Straits Inter Logistics would expand its operation.



The 1241-dwt bunker delivery tanker Oscar is one of seven vessels operated by Tumpuan Megah Development. Image credit: Tumpuan Megah Development Sdn Bhd


Updated on 28 Aug 2018 15:21 GMT

With Straits Inter Logistics' proposed acquisition of a 55 percent stake in bunker firm Tumpuan Megah Development set to be put to a vote at a shareholders' meeting next month, Bunker Index provides the lowdown on the company's business operation.

Incorporated in December 2007, Tumpuan Megah launched its bunkering division in 2013 and is now principally engaged in the bunker supply business, similar to Straits.

Supply ports and licences

Tumpuan Megah currently supplies marine fuel (fuel oil and marine gas oil) in eight Malaysian ports: Johro Bahru, Kemaman, Kuantan, Labuan, Miri, Pasir Gudang, Tanjung Pelepas and Terengganu.

The company uses seven vessels to perform deliveries and its operations are licensed under the Petroleum Development Act (PDA).

Tumpuan Megah holds three PDA licences for the distribution and wholesale of petroleum products and materials (for a foreign-based oil company) in the states of Johor, Pahang and Terengganu; one PDA licence for the distribution of petroleum products and materials (for a local-based oil company) throughout Malaysia; and one PDA licence for the transportation of petroleum products by oil tanker throughout Malaysia.

Financial results and client breakdown

Revenue in 2017 was RM 308.14m ($75m), whilst gross profit was RM 14.30m ($3.48m) and profit after tax was RM 937,335 ($220,000).

As at December 31, 2017, Tumpuan Megah claimed to have 83 clients, with approximately 70 percent of its business coming from Malaysian customers and 30 percent from overseas (including, amongst others, Brunei, Hong Kong, Indonesia and Singapore).

Benefits for Straits

In the event of the proposed acquisition being approved, Straits would increase its delivery fleet from two to nine.

It would also have full access to Tumpuan Megah's 28 PDA licences, including 23 for oil bunkering services, four for the distribution and wholesale of petroleum products and materials, and one for the transportation of petroleum products by oil tanker.

Furthermore, Straits' pool of oil product suppliers would also increase. Currently, Straits and its subsidiary Selatan Bunker have three suppliers for their oil and petroleum products, whilst Tumpuan Megah has a total of 14 suppliers (excluding common suppliers between Seletan Bunker and Tumpuan Megah).






Related Links:

Straits' executive director set to land 5.0-6.6% stake
Straits Inter Logistics to hold bunker acquisition vote in three weeks
Straits Inter Logistics Bhd.
Tumpuan Megah Development Sdn. Bhd.
Malaysia

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