Pacific Radiance sets up joint venture company in MalaysiaCompany News // March 4, 2015
The Board of Directors of Pacific Radiance Ltd have announce that its wholly-owned subsidiary, Alstonia Offshore Pte Ltd has entered into a joint venture (JV) agreement with Duta Marine Sdn Bhd to jointly incorporate a company to be named Duta Radiance Maritim Sdn Bhd.
Under the terms of the JV, Alstonia and Duta Marine respectively will hold 49 per cent and 51 per cent equity interest in company. The company intends to be engaged in the shipowning, operating, management and chartering of marine vessels.
Investment in the company will be funded through internal resources and is not expected to have any material impact on Pacific Radiance's net tangible assets and earnings per share of the company for the current financial year.