YKP-FM Global Shipyard Co Ltd to develop a workboat repair & maintenance facility in Kantang, Trang Province, Thailand.
Freight Management Holdings Bhd (FMH) is buying a 25% stake in a Thai shipyard for RM2.5 million cash. The logistics group having earlier entered into an agreement with YKP-FM Global Shipyard Co Ltd for the proposed acquisition, reports 'The Sun Daily'.
The other shareholders in YKP-FM are Thai investors, with a combined stake of 70%, and another Malaysian investor who owns the remaining 5% stake.
YKP-FM's core business is the development and operation of a shipyard, which will focus on the repair and maintenance of vessels such as tugboats, barges and other types of boats.
YKP-FM has identified strategic land in Kantang, Trang Province, Thailand, which is suitable for the development of a ship-repair yard, and will construct a dedicated facility with a planned capacity to handle up to 10 vessels concurrently.
The port of Katang located in the the southern Thai province of Trang is on the western side of the Malay peninsular. There are thought to be more than 5,000 tugboats and barges in the SE Asian region of which an estimated 1,500 ply the relatively nearby Straits of Malaccca.
Source: The Sun Daily