OTHERS MARINE & GENERAL BERHAD (FORMERLY KNOWN AS SILK HOLDINGS BERHAD) - INCORPORATION OF WHOLLY-OWNED SUBSIDIARY COMPANIES

MARINE & GENERAL BERHAD

Type Announcement
Subject OTHERS
Description
MARINE & GENERAL BERHAD (FORMERLY KNOWN AS SILK HOLDINGS BERHAD)
- INCORPORATION OF WHOLLY-OWNED SUBSIDIARY COMPANIES

The Board of Directors (“Board”) of Marine & General Berhad (formerly known as SILK Holdings Berhad) (“M&G” or "the Company") wishes to announce that the Company, had on 8 January 2018, incorporated two (2) wholly-owned subsidiaries in Labuan, as follows:

 

1. M&G Tankers (L) Pte. Ltd. (“MGT”); and

2. M&G Ship Management (L) Pte. Ltd. (“MGSM”)

 

The Certificates of Incorporation for both MGT and MGSM were received on 8 January 2018.

 

Both MGT and MGSM have a share capital of One Hundred United States Dollars (USD 100.00).

 

The principal activity of MGT is to act as a Ship-Owning Company for additional chemical tankers that may be acquired by the Group in the future.

 

MGSM will act as a Ship Management Company for the tankers to be acquired by MGT as well as any other chemical tankers owned by other Ship-Owning Companies.

 

The incorporation of MGT and MGSM will not have any effect to the issued and paid-up capital of the Company as well as its substantial shareholders’ shareholdings and is not expected to have a material effect on the earning, net assets and gearing of the Company and the Group for the financial year ending 31 December 2018.

 

None of the directors or major shareholders or person connected with the directors or major shareholders has any interest, direct or indirect in the incorporation of MGT and MGSM.

 

This announcement is dated 9 January 2018.






Announcement Info

Company Name MARINE & GENERAL BERHAD
Stock Name M&G
Date Announced 09 Jan 2018
Category General Announcement for PLC
Reference Number GA1-09012018-00079