Merchant in Petronas' bid

Sat, 01 Feb 1997, 00:00 WIB | Source: JP

JAKARTA (JP): Malaysian Merchant Marine Sdn. Bhd., which PT
Berlian Laju Tanker aims to acquire 20 percent of, plans to enter
Petronas' tenders.

Kevin Wong, the corporate secretary of publicly listed Berlian
Laju Tanker, said yesterday that, although it would bid, Merchant
Marine had not yet received any orders from Petronas, the
Malaysian state oil company.

Berlian's shareholders agreed at an extraordinary meeting
Tuesday to buy a 20 percent stake in Merchant Marine for US$1.43
million.

Wong said Berlian would buy 2,757,286 shares for Rm1.32 (40
U.S cents) each.

Merchant Marine's net income increased to Rm4.6 million in
1996 from Rm3 million in 1995. Its profit is expected to increase
to Rm6.2 million this year. (02)

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