MISC Sets Up Joint Venture With Petromin PNG
MISC Bhd has entered into an agreement with Petromin PNG Shipping Limited to set up a joint venture company with a paid-up capital of US$250,000.
The joint venture company, to be known as Western Pacific Shipping Ltd, will provide shipping solutions to meet the liquefied natural gas projects requirements and support other general shipping requirements of Papua New Guinea.
MISC would own a 60 per cent stake in Western Pacific while the balance by Petromin, the company said in a Bursa Malaysia filing on Friday.
MISC said it would fund the share subscription in the joint venture company using its internally generated funds while the capital expenditure for the project undertaken by Western Pacific was anticipated to be funded by a combination of internally generated funds and bank borrowings.
The joint venture is not expected to have any material impact on the earnings of MISC for the financial year ending March 31, 2011.
MISC is a shipping logistics arm of Petroliam Nasional Bhd. It is Malaysia's leading international shipping line and one of the top 10 shipping companies in the world by market capitalisation.