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Malaysian
Merchant Marine Bhd (MMM) has spread its wings across the Malaysian waters
by acquiring a shipping company in Thailand.
MMM, a listed company on the Main Board, has acquired MMM Siam Shipping
Company for a total cash price of Thai Baht 122,450.00 or RM11,266.00
equivalent.
MMM acquired 48.98 per cent stake of the total issued and paid up capital of
MMM Siam Shipping Company.
With the completion of the exercise MMM Siam shipping will become an
associate company of MMM.
MMM Siam is involved in the ship management, cargo collector and as a
transit centre for shipping vehicles.
The authorised ordinary share capital of MMM Siam is RM92, 000.00 equivalent
divided into 10,000 ordinary shares at the amount of RM9.20 each.
With Thailand expanding its business in vehicle manufacturing, the
acquisition will enable MMM to market its RO-RO services as provider for the
transportation of vehicles to all Asia Region.
MMM, which is mainly involved in the transportation of bulk cargo and
petroleum products, has aggressively ventured into ro-ro services by
acquiring car carriers in 2001.
MMM has acquired three ro-ro ships namely MMM Parana, MMM Loire and MMM
Colorado and MMM acquired another ro-ro carrier, MMM Marsey during 2002. |
