Salt Investments is exploring the acquisition of a majority stake in marine lubricant supplier TT Oil (Singapore), citing "encouraging improvements and trends" in the offshore and marine market.
The company, formerly known as Jasper Investments , has on Dec 17 signed an MOU with Poly Million Group, which controls TT Oil, to negotiate a deal on an exclusive basis.
Poly Million Group is controlled by one Wong Shun Lee, who is part of a group of investors that are in the process of helping to recapitalise Salt Investments by subscribing for new shares.
Other investors include Koh Boon Hwee, former chairman of companies such as SIA and Singtel, and fund manager Terence Wong, a long-time business partner of Dennis Goh, CEO of Salt Investments.
According to Salt Investments in its Dec 19 announcement, the potential acquisition of TT Oil will help bring together the "competitive strengths and combined business and funding networks" of both parties.
Separately, TT Oil has earlier agreed to charter a vessel from Prosper Excel Engineering, to replace its existing charter with another ship owner.
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Salt Investments, as part of its ongoing bid to grow the offshore and marine business, has recently acquired Prosper Excel.
The agreement between TT Oil and Prosper Excel has yet to be finalised.
Salt Investments closed at 0.4 cents on Dec 18.
