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ACQUISITIONS AND DISPOSALS :: CHANGES IN COMPANY'S INTEREST :: ACQUISITION OF THE REMAINING 50% OF THE ISSUED SHARE CAPITAL IN AXEL OIL PTE. LTD. 22 April 2013
* Asterisks denote mandatory information

 
Name of Announcer * AP OIL INTERNATIONAL LIMITED  
Company Registration No. 197502257M  
Announcement submitted on behalf of AP OIL INTERNATIONAL LIMITED  
Announcement is submitted with respect to * AP OIL INTERNATIONAL LIMITED  
Announcement is submitted by * Ho Chee Hon  
Designation * Group Deputy Chief Executive Officer  
Date & Time of Broadcast 22-Apr-2013 18:22:55  
Announcement No. 00126  
 
 

>> ANNOUNCEMENT DETAILS

The details of the announcement start here ...

 

Announcement Title * ACQUISITION OF THE REMAINING 50% OF THE ISSUED SHARE CAPITAL IN AXEL OIL PTE. LTD.  
Description The Board of Directors of AP Oil International Limited (“the Company”) refers to the announcement of the Company dated 20 March 2012 in relation to the joint venture between the Company and Hup Soon Global Corporation Limited (“Hup Soon”). Accordingly, a joint venture company known as Axel Oil Pte. Ltd. (“Axel Oil”) has been set up. Hup Soon and the Company hold 50% each in the issued and paid-up capital of Axel Oil.

The Board wishes to announce that the Company has acquired the remaining 50% of the issued and paid-up share capital of Axel Oil, for a total consideration of S$1.00. Following the acquisition, Axel Oil will become a wholly-owned subsidiary of the Company.

The total issued and paid-up share capital of Axel Oil is SGD 10,000. The principal activity of Axel Oil is to create and own a brand name and to develop and produce lubricating fluids for automotive and industrial usage and related products under the Brand.

The acquisition is funded through internal resources and is not expected to have any significant effect on the consolidated net tangible assets and earnings per share of the Company and the Group for the period ending 31 December 2013.

None of the Directors, controlling shareholders or substantial shareholders of the Company has any interest, direct or indirect, in the above transaction.

By Order of the Board

Ho Chee Hon
Group Deputy Chief Executive Officer  
 

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