Coastal Con­tracts unit, Po­laris set up JV com­pany

The Sun (Malaysia) - - SUNBIZ -

PE­TAL­ING JAYA: Coastal Con­tracts Bhd’s wholly owned sub­sidiary Coastal Drilling Pte Ltd has en­tered into a joint-ven­ture agree­ment with Po­laris Hold­ings SARL to set up CN En­ergy Hold­ings Pte Ltd to pur­sue op­por­tu­ni­ties in off­shore gas treat­ment projects world­wide.

Coastal Drilling and Po­laris will have equal share­hold­ing in the JV com­pany (JVC). Coastal Drilling’s cash out­lay for the in­vest­ment in the JVC is S$5,000 (RM15,206) and will be sat­is­fied with in­ter­nally gen­er­ated funds.

“The par­ties seek to op­ti­mise the com­bined strengths of each party in their re­spec­tive fields to embark on in­ter­na­tional projects,” Coastal Con­tracts said in a stock ex­change fil­ing yes­ter­day.

The pro­posed in­ver­st­ment will not have any ma­te­rial ef­fect on the group’s con­sol­i­dated net as­sets per share, earn­ings per share and gear­ing in re­spect of the fi­nan­cial year end­ing June 30, 2017.

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