Rotary Engineering : Benalec Holdings Berhad Enters Into MOU With Rotary Engineering Limited

Benalec Holdings Berhad Enters into MOU with Rotary

Engineering Limited

Kuala Lumpur, Malaysia - Benalec Holdings Berhad (BHB:MK) and Singapore listed company Rotary Engineering Limited jointly announced today the signing of a Memorandum of Understanding (MOU) to develop an independent deepwater storage terminal for oil products in Tanjung Piai. Strategically located at the south-western tip of Johor, Tanjung Piai offers easy access to international shipping routes of Straits of Malacca and Singapore's Jurong Island, an international petroleum, petrochemical and terminal hub.
With an initial capacity of 1 million cubic metres, with subsequent phases to increase capacity to 3 million cbm on the total reclaimed land area of 250 acres, the proposed terminal will be a petroleum storage facility for storing, blending and distributing crude oil and its derivatives. The integrated storage facility will be completed with deepwater jetty facilities capable of handling very large crude carriers (VLCCs).
The two companies will jointly embark on a technical feasibility study, after which they will form a joint venture company by participating in taking equity ownership and development of the first 1 million cubic metres oil storage terminal as well as other terminal projects. In addition, the joint venture company will exclusively undertake the promotion of Tanjung Piai as an oil and petrochemicals terminal hub.
Vincent Leaw, Managing Director of Benalec Holdings Berhad said: "We are delighted to have Rotary Engineering on board with us in our maiden foray into the high growth oil and gas and petrochemical industry. Tanjung Piai is very well positioned to complement the region's growth in the oil and gas industry, and to tap on the growing demand for the storage and distribution of petroleum and petrochemical products in Asia."
Roger Chia Kim Piow, Chairman & Managing Director of Rotary Engineering said: "We are excited to provide more value added services to our clients through this strategic partnership with Benalec. With Tanjung Piai's close proximity to Jurong Island, we see much synergy between Singapore and Johor in further developing this area into an even larger international petroleum hub."
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About Benalec Holdings Berhad (BHB:MK)

Benalec Holdings Berhad ("Benalec") is an investment holding company, listed on Bursa Malaysia's Main Market. Its subsidiary companies are principally involved in the provision of marine construction services, mainly in the area of land reclamation, dredging and beach nourishment; coastal protection works such as rock revetment works, shore protection works and breakwater construction; pre-bore and marine piling; and construction of marine structures, bridges, jetties, ports and other offshore and ancillary structures. In addition, its ancillary services include vessels chartering, the provision of marine vessel support services, ship repair, ship maintenance, shipbuilding, fabrication and refurbishment activities.

Benalec has emerged as a leading integrated marine construction outfit, owner and operator of marine vessels and owner of strategic landbanks for industrial and residential use.
Managed by a professionally qualified team of skilled engineers with more than 25 years of hands-on experience, Benalec has proved capable of implementing demanding marine construction projects in the local as well as regional market.

About Rotary Engineering Limited

Rotary Engineering Limited ("Rotary") is a leading provider of EPC services specialising in the Oil & Gas industry.
Headquartered in Singapore, Rotary has established a strong presence in the Asia Pacific and the Middle East, and continues to make its mark as a global player. Established in 1972, Rotary has forged a reputation built on its hallmark traits of providing quality services, within budget and on time delivery. It prides itself with a highly-skilled workforce that forms the mainstay of its core EPC services. The Group today boasts a total strength of about
7,000 employees, and has built an enduring relationship with its clients, among which include Oiltanking, ExxonMobil Asia Pacific, Thai Tank Terminal, Vopak and local company Hin Leong Trading.
Rotary was listed on the mainboard of the Singapore Exchange since 1993. Rotary was the winner for "Most Transparent Company" in the Construction Category at the SIAS Investors' Choice Awards 2007 and 2011. Rotary was the winner in the Enterprise category in 2008, while Mr Chia Kim Piow, Rotary's Chairman and Managing Director, won in the Businessman category for 2011 at the Singapore Business Awards which was jointly organised by the Business Times and DHL Worldwide Express Singapore.
At the Singapore Corporate Awards 2009, Rotary's Chairman and Managing Director, Mr Chia Kim Piow, won the Joint Best Chief Executive Officer for 2008 in the "S$300 million to less than S$1 billion in market capitalisation'' category.
In February 2011, Rotary established a Level 1 American Depository Receipt (ADR) programme and its shares are traded in the United States as ADRs in the over-the-counter market, OTCQX International under the symbol "ROTGY". Each ADR represents 20 ordinary shares listed on the Singapore Exchange under the symbol "R07". Rotary's listing on the OTCQX will provide the Company with more access to the US market.
Issued by Benalec Holdings Berhad
Issued on behalf of Rotary Engineering Limited by: Waterbrooks Consultants Pte Ltd
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Benalec Holdings Berhad
Mr Brian Mak
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Waterbrooks Consultants Pte Ltd
Ms Judy Kan
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Mr Wayne Koo
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