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Straits Energy sells two tugs to Sealion Ltd

The Star·10/21/2025 23:00:00
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KUALA LUMPUR: Straits Energy Resources Bhd (Straits Energy) has announced the disposal of two tugboats, TG Victoria 1 and TG Victoria 3, for a total of US$2.01mil or about RM8.5mil to Sealion Ltd, a company linked to major shareholder Datuk Seri Tiong Chiong Kui.

The disposal was carried out through Straits Energy’s indirect subsidiaries, Victoria 1 Ltd and Victoria 3 Ltd, which signed separate memorandums of agreement with Sealion on Oct 21.

“The disposal consideration was derived on a willing-buyer willing-seller basis after taking into account independent valuations,” the company said in a filing with Bursa Malaysia.

Straits said the sale would allow the group to “streamline non-core assets and reduce unnecessary overheads”, as the vessels were no longer required and do not contribute to current or foreseeable business activities.