The setting up of the companies, M&G Tankers (L) (MGT) and M&G Ship Management (L) (MGSM), is in line with its expansion in chemical tanker sector.
Marine & General intends for MGT to act as a ship owning company for additional chemical tankers that may be acquired in future, while MGSM is meant to be run as a specialist chemical tanker ship management company.
Through its Jasa Merin (L) unit, it already owns three 7,000 dwt chemical tankers. The company is flush with cash after having divested its highway concession business for MYR380m ($95.3m) last year.
It has previously said it will spend up to MYR200m to boost its O&G business while reserving another MYR90m for expansion in other businesses including possibly logistics.