Thursday 23 August 2012

Dialog Group Bhd (RM2.40/share) Unit to work with CAO despite termination of storage terminal plan


Dialog Group Bhd’s 55%-owned Centralised Terminals Sdn Bhd and China Aviation Oil (Singapore) Corp Ltd (CAO) have agreed to continue to explore other suitable collaboration opportunities after the termination of its plan to build an oil storage terminal. The remaining 45% of Centralised Terminals is owned by MISC Bhd. Last October, CAO formed a joint venture with Centralised Terminals to build a 380,000 cu m (2.39 million barrels) storage tank terminal in southern Johor’s Tanjung Langsat Port.

In a filing to Bursa, Dialog said Centralised Terminals and CAO have mutually agreed that the shareholders’ agreement (SHA) lapsed on Aug 20 as not all the conditions precedent have been fulfilled within the required timeframe.

Dialog said the lapse of the SHA had no effect on the share capital of Dialog and had no material effect on the earnings, net assets and gearing of Dialog for the financial year ending June 30, 2013 (FY13). - StarBiz

Source: AmeSecurities 

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