MISC undertakes fleet integration with AET

MISC Bhd undertook US$8.46 million (RM36.25 million) worth of transactions as part of its integration of fleet management services with US-based fleet manager AET Inc Ltd.

On Feb 27 this year, the maritime solutions and service provider for the oil and gas industry established Eaglestar Marine Holdings (L) Pte Ltd as its wholly owned subsidiary for the provision of marine services and investment holding.

In an exchange filing yesterday, MISC said Eaglestar bought over 500,000 ordinary shares from AET Shipmanagement (Singapore) Pte Ltd (AETSM Singapore) from AET Tanker Holdings Sdn Bhd, representing the entire issued and paid-up share capital in the Singapore-based company for a provisional purchase of US$5.28 million.

Following the acquisition, AETSM Singapore changed its name to Eaglestar Shipmanagement (S) Pte Ltd.