By Emmanuel Samarathisa
A NEW petrol pump operator Five Petroleum Sdn Bhd is set to debut in March, according to a China Press report.
The company, a wholly-owned subsidiary of Pahang-based Seng Group Sdn Bhd, is looking to set up petrol stations across the country under the eponymous Five brand.
This marks Seng Group’s independent break into the petrol retail business after operating as dealers and representatives of Esso, Mobil and BHPetrol stations.
According to a memo sighted by FocusM, Seng Group received the licence to operate Five from the Domestic Trade and Consumer Affairs Ministry on Jan 15.
According to company filings, Five Petroleum was previously known as Lim Lee Seng Petroleum (M) Sdn Bhd and incorporated on June 19, 1990. But the company is in the red after posting a net loss of RM8,474 for the financial year ended Dec 31, 2018, compared to a net profit of RM299,707 in the previous year.
Sales for 2018 narrowed to RM1.45 mil from RM3.03 mil in 2017.
As for Seng Group, the company has been posting back-to-back losses of RM250,923, RM272,840, and RM334,012 between 2015 and 2018 respectively.
Seng Group managing director and CEO Datuk Seri King Lim Chin Fui declined to comment on whether he would be eyeing to acquire BHPetrol, but told China Press that both would co-exist and that cooperation with Boustead at a dealers-level would continue.
His late father, Datuk Lim Lee Seng founded Seng Group in 1971. Based in Pahang, the group has diversified operations including property development and plantations, with pump petrol operations being among its key business segments.
According to a report in 2016, Lim was said to be the youngest state MCA chairman in the country. At 37 then, he took over the Negeri Sembilan MCA chairman post from MCA deputy president Datuk Seri Dr Wee Ka Siong. – Feb 20, 2020
