KUALA LUMPUR: Sanichi Technology Bhd
is tying up with Petrowangsa Sdn Bhd to tender for Petroliam Nasional Bhd’s (Petronas) oil storage tank terminal contracts in Malaysia and around the region.
The automotive mould maker-cum-property developer estimated the value of the oil storage terminal projects to be more than RM1bil.
The company said in a filing with Bursa Malaysia that Petrowangsa had the licences from Petronas to commission floating roof, fixed roof and cryrogenic storage tanks, as well as to provide mechanical engineering and maintenance of those oil storage tanks.
“Based on our market intelligence which was conducted with our business partners, Petrowangsa, the value of the oil storage terminal projects under our radar in Malaysia and around the region is estimated to be above RM1bil, and that makes us very excited,” said Sanichi managing director Datuk Seri Dr Jacky Pang,
It was reported that Lembaga Tabung Angkatan Tentera (LTAT) was eyeing a 5% stake in Sanichi.
Should that materialise, LTAT would become the second-largest shareholder after Pelaburan MARA Bhd, which owns 8.56%. Negotiations were still ongoing.
Sanichi shares closed unchabged at 14 sen on Monday, with 13.93 million shares changing hands.
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