Sugar Bun signs service agreements

Kuala Lumpur’s Sugar Bun Corporation Berhad has taken its first step into the oil and gas industry after signing three separate service agreements with Thai firms. Its wholly-owned subsidiary company, Borneo Energy Sdn Bhd, entered into agreements with Suntech Palm Oil Co. Ltd. and Transtech Energy Company Ltd. for the provision of management and technical services. The group’s structure is now streamlined into three main divisions: Group A – fast food operations and related businesses; Group B non-fast food operations and property-related businesses; and, Group C – oil, gas and energy-related businesses. “The execution of these service agreements marks a milestone for the group as it represents the first step in the group’s foray into the oil, gas and energy-related industry, said Encik Abdul Hamid Bin Ibrahim, executive director of Borneo Oil & Gas Corporation Sdn. Bhd, the holding company of Borneo Energy. He said these service agreements carry an option for Borneo Energy to invest into the businesses of the three companies. (November 6, 2006)