The company sees opportunities and is identifying acquisition targets, it said in a stock market announcement.
Tanjung Offshore aims to complete the exercise by the second half of this year.
It was reported last month that Tanjung Offshore is in the final stages of acquiring a controlling stake for MYR1bn in a foreign oil and gas (O&G) company that owns and manages several offshore oil rigs. The report at the time said it would fund the acquisition through acquire the stake via the issuance of new shares and bonds as well as cash.
The new asset is set to become Tanjong Offshore’s main business as it has been floundering somewhat since selling its offshore supply vessel (OSV) business to Ekuiti Nasional Bhd (Ekuinas) for MYR260m last year.
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