Pacific Radiance, Allianz JV in Middle East
Crest Offshore Marine (COM), the wholly owned subsidiary of Pacific Radiance, has entered into a Joint Venture (JV) Agreement with Allianz Offshore Middle East (AOME).
According to JV agreement, both companies are jointly incorporating a company in Singapore known as Allianz Radiance (ARPL). ARPL has been incorporated on the same date. AOME is a company incorporated in Saint Vincent and The Grenadines.
Under the terms of the JV Agreement, COM and AOME respectively will hold 51% and 49% equity interest in ARPL, making ARPL as indirect subsidiary of the Company.
ARPL shall be principally engaged in owning, managing, chartering and leasing offshore support vessels particularly in the Gulf Cooperation Council and Egypt offshore oil and gas segment.
The above investment shall be funded through internal resources and is not expected to have any material impact on the Company’s net tangible assets and earning per share of the Company for the current financial year.
