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.