KUALA LUMPUR: Orkim Bhd’s unit, Orkim Wisdom Sdn Bhd, has entered into a memorandum of agreement with Wealth Sail Shipping Pte Ltd to acquire Rich Sunda, which is an IMO type II tanker for US$24.2 million.

The acquisition will be funded primarily through proceeds raised from Orkim’s initial public offering (IPO), with the remaining balance to be financed via internally generated funds.

Orkim chief executive officer Captain Chea Sin Bi said the acquisition is in line with the company’s IPO plans, where proceeds were allocated to support fleet expansion and rejuvenation initiatives.

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