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AP Oil International Ltd Announces Acquisition Of Remaining 50% Of Issued Share Capital In Axel Oil Pte. Ltd.

Monday, 22 Apr 2013 06:22am EDT 

AP Oil International Ltd announced that with reference to the announcement of the Company dated March 20, 2012 in relation to the joint venture between the Company and Hup Soon Global Corporation Limited. Accordingly, a joint venture company known as Axel Oil Pte. Ltd. has been set up. Hup Soon and the Company hold 50% each in the issued and paid-up capital of Axel Oil. The Board announced that the Company has acquired the remaining 50% of the issued and paid-up share capital of Axel Oil, for a total consideration of SGD1.00. Following the acquisition, Axel Oil will become a wholly owned subsidiary of the Company. The total issued and paid-up share capital of Axel Oil is SGD 10,000. The principal activity of Axel Oil is to create and own a brand name and to develop and produce lubricating fluids for automotive and industrial usage and related products under the Brand. The acquisition is funded through internal resources. 

Company Quote

24 Mar 2015