Malaysian investment company R&A Telecommunication Group is paying MYR 150m ($37.35m) for the six-ship fleet of domestic tanker owner Semua Shipping.
The non-binding deal will see it issue new shares.
The seller is Semua International, 49%-owned by Sumatec Resources and 49% by Ebony Ritz, with Hoe Leong Corporation having 2%.
Formed in 1980, Semua has six products carriers of 8,000 dwt each.
"These product tankers are used to transport refined petroleum products such as jet fuel, diesel oil, gas oil, fuel oil and kerosene," R&A said.
"All
