By C.S. Tan
SUMATEC Resources Bhd, a contractor for the oil and gas industry, has set in motion its vision for a recurring base of earnings. Hence its recent proposal to purchase a fleet of coastal oil tankers leased on long-term contracts to oil majors.
Sumatec has to come up with RM50mil cash to buy the four companies that own these tankers. It will be partly funded with new capital to be raised in the form of a rights issue of two shares and one warrant for every eight shares held
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