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Eversendai Corporation Bhd, Eversendai Construction (S) Pte. Ltd. and Technics Oil & Gas Ltd Announces Incorporation Of Joint Venture Company

Tuesday, 5 Mar 2013 06:02am EST 

Technics Oil & Gas Ltd announced that Eversendai Corporation Bhd (ECB), Eversendai Construction (S) Pte. Ltd. (ECS) and the Company has incorporated a joint venture company in Singapore, named Eversendai Technics Pte. Ltd. (ET). ET has an initial issued and paid up capital of SGD1,000,000 divided into 1,000,000 ordinary shares and will be principally engaged in provision of businesses relating to engineering, procurement, construction and fabrication services for the oil and gas industry. ECB is a controlling shareholder of the Company holding approximately 20.095% of the total and issued share capital of the Company. ECS is a company incorporated in Singapore with an issued and paid up capital of SGD1,045,000 and is principally engaged in general contracting and general building engineering services. ECS is a wholly owned subsidiary of ECB. Accordingly, the establishment of ET by the Company with ECB and ECS constitutes an “interested person transaction” under Chapter 9 of the Listing Manual of the Singapore Exchange Securities Trading Limited. The Company’s cost of equity participation in ET of SGD300,000, representing approximately 0.529% of the Company’s latest audited net tangible assets of SGD56,665,000 as at September 30, 2012. The Company will finance its share of the cost of the equity participation in ET by internal funds. 

Company Quote

-0.0050 -0.50%
22 Aug 2014