MISC and AET's fleet management services to be integrated

  • Corporate News
  • Friday, 03 Mar 2017

MISC Bhd's new liquefied natural gas (LNG) carrier, Seri Camellia.

KUALA LUMPUR: MISC BHD has embarked on the integration of its fleet management services and those of its Singapore-headquartered unit, AET Tanker, to enhance the group’s operational efficiencies.

In a filing with Bursa Malaysia, the Petroliam Nasional Bhd subsidiary said MISC’s fleet management services division and AET Shipmanagement would be known as the Eaglestar Group following the integration, which would be carried out in phases for completion in January 2018.

In line with that, MISC has incorporated two subsidiaries in Labuan, Eaglestar Marine Holdings (L) Pte Ltd (EMH) and Eaglestar Shipmanagement (L) Pte Ltd (ESM).

EMH’s principal activities are providing marine services and investment holding, while the main activity of ESM is providing ship management services.

The initial issued and paid-up share capital of each of the subsidiary is US$10 divided into 10 ordinary shares. The issued and paid-up share capital will be increased to meet the subsidiaries’ working capital requirements.
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