Hoe Leong Corp pursues voluntary liquidation of three vessel units
HOE Leong Corporation's three wholly-owned subsidiaries Arkstar Offshore, Arkstar Voyager and Arkstar Unicorn have been placed under creditors' voluntary liquidation, the company said in a bourse filing on Monday.
Hoe Leong, which provides vessel-chartering services for the oil and gas industry, said it is pursuing these moves following resolutions passed at extraordinary general meetings of the subsidiaries held on Monday.
The subsidiaries have ceased their vessel-chartering business following the disposal of all vessels under the vessel chartering segment of the group, it noted.
The company expects to gain S$1 million from the deconsolidation, to be recognised for the financial year ending December 31, 2021.
Abuthahir Abdul Gafoor and Yessica Budiman of AAG Corporate Advisory have been appointed liquidators.
Trading of Hoe Leong's shares has been suspended since September 2019.
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
S&P slashes Boeing credit outlook as rating hovers above junk status
Honda to spend US$11 billion on EV strategy in Canada
GlaxoSmithKline sues Pfizer and BioNTech over Covid-19 vaccine technology
Mapletree Industrial Trust Q4 DPU rises 0.9% to S$0.0336
Nasdaq’s profit falls as shaky economy keeps IPO revival elusive
iFast Q1 net profit surges on ePension unit performance