The Board of Directors of MISC wishes to announce that the Company has embarked on the integration of fleet management services of MISC and AET, which will be known as the Eaglestar Group (“Eaglestar”). The integration will further enhance the operational efficiencies of MISC Group and will be carried out in phases for completion in January 2018.
Pursuant to the integration, MISC has incorporated two subsidiaries namely Eaglestar Marine Holdings (L) Pte. Ltd. (“EMH”) and Eaglestar Shipmanagement (L) Pte. Ltd. (“ESM”). EMH and ESM were incorporated in Labuan under the Labuan Companies Act, 1990. The principal activities of EMH are the provision of marine services and investment holding, whilst the principal activity of ESM is the provision of ship management services. The initial issued and paid-up share capital of each of the subsidiary is USD10 divided into 10 ordinary shares. The issued and paid-up share capital will be increased to meet the subsidiaries’ working capital requirements.
None of the Directors and/or major shareholders of the Company or persons connected with them have any interest, direct or indirect, in the incorporation of the subsidiaries.
This announcement is dated 3rd March 2017.