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Tanjung & Drilltec Form JV to Tap Malaysia Drilling Market

Source: 1/2/2015, Location: Asia

Malaysia's investment holding company Tanjung Offshore Berhad (TOB) announced that the it had received Jan. 2 the Certificate of Incorporation (Form 9) dated Dec. 30, 2014 from the Companies Commission of Malaysia on the incorporation of a subsidiary by Tanjung Offshore Services Sdn. Bhd. (TOS), a wholly-owned subsidiary of TOB namely Tanjung Drilltec Sdn. Bhd. (Tanjung Drilltec).

Tanjung Drilltrec is incorporated in Malaysia with an authorized capital of $141,750 (MYR 500,000) comprising 500,000 ordinary shares of $0.2835 (MYR 1.00) each and paid-up capital of $28,350 (MYR 100,000) comprising 100,000 ordinary shares of $0.2835 (MYR 1.00) each.

The directors of Tanjung Drilltec are Muhammad Sabri bin Ab Ghani, Tan Wee Koh, Zulkifly bin Zakaria and Wong Kah Ming. Tanjung Drilltec is jointly owned by TOS and Drilltec Offshore Sdn. Bhd. (Drilltec) with TOS and Drilltec hold 51 shares and 49 shares respectively in Tanjung Drilltec.

The intended principal activity of Tanjung Drilltec is marketing, managing, owning, operating, maintenance and repair, leasing, chartering, of drilling rigs for oil and gas industry in Malaysia. None of the directors and/or substantial shareholders of the Company and/or persons connected to them have any interest, direct or indirect, in the above-mentioned incorporation. The above-mentioned incorporation is not subject to the approval of the shareholders of the Company.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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