Aussino to switch from selling bedlinen to selling petrol

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http://www.straitstimes.com/BreakingNews/Singapore/Story/STIStory_826021.html

Struggling bedlinen firm Aussino is set to be transformed into an energy player under a $70 million reverse takeover deal to buy a Myanmar petrol seller.

The acquisition target is Max Strategic Investments, an investment holding company which will buy over the business of Max Myanmar, which operates 21 petrol kiosks in various Myanmar cities including Yangon and Mandalay.

Aussino will also sell off its existing bedlinen business.

'Aussino will be transformed into an established downstream operator in Myanmar's budding oil and gas energy sector with a strong retail following and portfolio of established local and international corporate client,' said Aussino's chairman and chief executive Anthony Lim.