Malaysia-listed offshore services provider Bumi Armada has incorporated a wholly owned subsidiary in the British Virgin Islands under the name of Bumi Armada Marine Holdings (BAMHL).
The subsidiary is established at an authorised capital of USD50,000, comprising 50,000 ordinary shares of USD1 each, of which 10,000 ordinary shares have been issued upon incorporation. Upon establishment, the intended principal business activity of BAMHL is on investment holding.
Bumi Armada stated in its filing to Singapore Exchange that the incorporation of BAMHL is not expected to have any material impact on the earnings or net assets of the Bumi Armada group for the financial year ending on 31 December 2015.
The incorporation of BAMHL marked the fourth subsidiary established by Bumi Armada in April. Bumi Armada has previously set up three companies in quick succession last week, namely Armada Floating Gas Storage Malta (AFG Storage), Armada Floating Gas Services Malta (AFG Services), and Armada Regasification Services Malta (ARSM).
AFG Storage and AFG Services had secured contracts worth USD300 million with ElectroGas Malta for the conversion, supply and operations, and maintenance of a floating storage unit in Malta.