KUCHING: Shin Yang Shipping Corporation Bhd (Syscorp) has completed the acquisition of Piasau Gas Sdn Bhd for RM22.79 million in cash.
Piasau Gas has become Syscorp’s wholly-owned subsidiary, the Miri-based shipping and shipbuilding firm told Bursa Malaysia.
Incorporated in 1991, Piasau Gas is principally engaged in the business of manufacturing, distribution and marketing of industrial gases, provision of services and maintenance and trading in welding equipment and machinery.
Syscorp has said earlier that the acquisition of Piasau Gas will enable the group to leverage on the latter’s networks and clients base to cross-sell the group’s other shipping services, such as transportation, door-to-door services, custom clearing, import and export documentation and port related services under a unified “Syscorp” franchise.
It will also enable the group to expand Piasau Gas’s other products and services to the clientele of the group both locally and globally especially related to shipbuilding business.
With Piasau Gas under the group’s stable, this will help the group to reduce the reliance on external source of liquefied oxygen and nitrogen gas service provider on pipeline purging, cylinders hydrostatic testing, installation of applicable refilling station for oxygen, nitrogen and argon, and cylinder racks with 16 to 20 cylinders manifolds.
After merging with Syscorp, it is expected to expand Piasau Gas’s liquefied petroleum gas (LPG) to Sarawak region under Syscorp group’s existing operating office and warehouse in Kuching, Sibu, Bintulu and Miri and varies reachable quarry and log camp depots.
According to Syscorp, with the abundance natural gas available in Sarawak,Piasau Gas is currently undertaking a study to build a compress natural gas plant for compressing natural gas into long tube tankers for distribution marketing as gas building powers to various oil palm estates and industrial plants.
Syscorp said with the set up of the Sarawak Medical Innovation and technology hub in Tanjung Kidurong, Bintulu, this is expected to further propel the liquid nitrogen market growth in the state.
Meanwhile, SMTrack Bhd said its wholly-owned subsidiary SMT Turbojet Resources Sdn Bhd has entered into a project consultation agreement with Eight Safety Consultancy Sdn Bhd (8SC) as the administrative consultant for petroleum oil & gas industry safety product purchase process or any traceability solutions compatible with the system to the targeted end-users.
8SC is involved in information communication technology system security, management consultancy and export and import of a variety of good without any specialisation,
SMT Turbojet’s nature of business are:
(1) to carry on the business of trading and dealing in any manner whatsoever in all types of goods on retail, including but not limited, to recycling goods and live sales;
(2) to carry on the business of technical, financial and management consultants, brokers, advisers, marketers, administrators, agent, consultancy service provider in various fields, and
(3) to carry on the business as an investment holding company, and to purchase or otherwise for that purpose to acquire and hold either the name of the company or in that of any nominee.
“The rationale of the agreement is to establish business integration for diversification into other activities to enhance SMTrack’s revenue,” the company said in a filing with Bursa Malaysia.
