KUALA LUMPUR — MISC Bhd’s wholly-owned unit, Eaglestar Marine Holdings (L) Pte Ltd (EMH), has acquired the entire stake of AET Shipmanagement (Singapore) Pte Ltd (AETSM Singapore) from AET Tanker Holding Sdn Bhd for US$5.28 million (US$1 = RM4.28).
In a filing to Bursa Malaysia today, the company said, AETSM Singapore was now part of Eaglestar Group and has changed its name to Eaglestar Shipmanagement (S) Pte Ltd.
AET Holdings (L) Pte Ltd’s wholly-owned unit, AET Inc Ltd, has acquired 50 per cent stake of EMH from it for US$3.18 million.
Hence, EMH has become a 50:50 jointly owned subsidiary of MISC and AET Inc, it said.
“Both acquisitions will be funded by MISC’s and AET’s internally-generated funds and are not expected to have any material effect on the earnings and net assets of MISC for financial year ending Dec 31, 2017.”