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.