The Star Online

29th. September, 2006

By ZAZALI MUSA

JOHOR BARU: Sindora Bhd sees good prospect for the company to expand into the shipping industry, particularly as logistic provider and in ship management.

Chairman Tan Sri Muhammad Ali Hashim said on Friday that the industry presented vast opportunities for further growth of its upstream and downstream activities.

He said there were a strong indications that the shipping industry would record positive growth among the Asean countries, especially in the oil and gas-related sectors.

“Our ultimate target is to become one of the notable players in the industry in the region,’’ Ali told reporters after the company’s EGM.

At the meeting, shareholders approved the proposed acquisition of 6,901,779 shares representing 51% in E.A. Technique (M) Sdn Bhd (EATech) for RM38.250mil.

Approval was also given to Sindora for the proposed 15-year concession rights for the parking facilities at the soon-to-be-opened Persada Johor International Convention Centre for RM15mil.

Under the proposal, Sindora’s 75% owned subsidiary, Metro Parking (M) Sdn Bhd, a leading car parking operator in Malaysia will handle the parking management.

Ali said EATech would receive its fourth product tanker – 5,000 dead weight vessel in July next year which was still under construction in Perak for RM36mil.

Its current fleet is made up of three product tankers, one liquefied petroleum carrier, two harbour tugboats and one security boat and its major revenue come from Petronas group of companies.

Ali said Metro Parking currently managed 80,000 parking bays in Brunei, Indonesia, Malaysia and Singapore and was always on the look out for expansion.

“We are already planning to go to Thailand but it has to wait due to the political situation there, but our option is always open,’’ he said.