Penguin expands to RI, KL

Penguin expands to RI, KL

SINGAPORE (AFX-ASIA): Penguin Boat International Ltd said it
has established offices in Indonesia, Malaysia and East Timor as
part of its regional expansion strategy.

It has incorporated PT Penguin Ferry Jasa in Indonesia with
paid up capital of US$400,000, of which 95 percent will be held
directly by Penguin Boat. The remaining 5 percent will be held by
wholly-owned unit Penguin Marine Offshore Services Pte Ltd.

PT Penguin has been granted by Indonesia's Ministry of Justice
a license to operate passenger ferries and sea/marine
transportation services, it said.

Penguin Boat added it has also set up Penguin Logistic &
Ferries Sdn Bhd as a wholly-owned Malaysian unit with an
authorized capital of 100,000 ringgit.

Octagon Pte Ltd, meanwhile, will handle the company's
operations in Dili, East Timor. It is owned 85 percent by
Penguin.