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(From Business Times (Malaysia))
LOSS-making Tamadam Bonded Warehouse Bhd has proposed to acquire Bintulu-based Air-Marine Cargo Agency Sdn Bhd for RM110 million via a share issuance, resulting in a new substantial shareholder as well as business direction.
The Tamadam group had accumulated losses of RM40.56 million as at December 31 2003 and total borrowings of RM36.17 million.
In a statement yesterday, the Tamadam group said the merger with Air-Marine will improve its prospects for a turnaround and place the group on a stronger financial footing. Tamadam can also participate in servicing the logistics needs of the oil and gas industry in Malaysia, …