Pacific Radiance’s subsidiary Alstonia Offshore has on March 3, 2015 entered into a Joint Venture Agreement with Duta Marine to jointly incorporate a company to be named “Duta Radiance Maritim Sdn Bhd” (JV Company) in Malaysia.
Under the terms of the Joint Venture Agreement, Alstonia and Duta Marine respectively will hold 49% and 51% equity interest in JV Company.
The JV Company intends to be engaged in the ship owning, operating, management and chartering of marine vessels.
According to Pacific Radiance, the investment in the JV Company will be funded through internal resources and is not expected to have any material impact on the company’s net tangible assets and earnings per share of the company for the current financial year