SINGAPORE : Malaysian oil services firm Scomi Group has unveiled plans to invest in Singapore shipping firm, Chuan Hup.
Scomi is controlled by Kamaluddin Abdullah, the son of Malaysia's Prime Minister Abdullah Badawi.
Scomi will invest about S$53 million in the jeweller Habib, which will in turn buy over the shipping assets of Chuan Hup Holdings for a total of about S$560 million.
With the deal, Scomi will have access to 155 vessels owned directly and indirectly by Chuan Hup.
This gives Scomi the opportunity to expand its marine vessel transportation business.
As for Chuan Hup, it will end up with a 28.9% of Habib, making it Habib's second-largest shareholder after Scomi. - CNA