KUALA LUMPUR (March 21): Lianson Fleet Group Bhd (KL:LFG) has entered into a joint venture agreement (JVA) with Precious Shipping (Singapore) Pte Ltd (PSSP) and Emstraits Navigation Sdn Bhd (ENSB).

In a filing with Bursa Malaysia on Friday, LFG said the joint venture company will focus on ship owning, ship operations, leasing and maritime services.

The company will be incorporated in Malaysia under the name Nusantara Maritime Sdn Bhd, or another name as mutually agreed by the parties, said LFG, formerly known as Icon Offshore Bhd.

“The initial issued and paid-up capital of the joint venture company will be RM50,000, to be contributed by the parties according to their respective shareholding proportions on the completion date of the JVA.

“LFG and PSSP will each hold a 45% stake in the joint venture company with 22,500 shares respectively, while ENSB will hold the remaining 10% with 5,000 shares,” it said.

LFG said it will fund its investment in the joint venture through internally-generated funds.

The company said the proposed joint venture will strengthen LFG’s position in the Malaysian maritime and shipping industry through collaboration with reputable and experienced industry players.

“The partnership will enable LFG to expand its marine fleet into new asset classes while remaining aligned with its core competencies in the marine sector, and is expected to support the general business and growth of the maritime industry in Malaysia,” it added.

Barring any unforeseen circumstances, the proposed joint venture is expected to be completed in the second quarter of 2025.

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