Yinson incorporates new unit in Mexico

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KUALA LUMPUR (Aug 27): Integrated offshore service provider Yinson Holdings Bhd said it has incorporated a subsidiary in Mexico. 

Yinson Malva Operations S.A. DE C.V. was incorporated with an initial issued paid-up share capital of 10,000 Mexican pesos (RM2,190), of which 90% is held by Yinson Production AS and the remaining 10% by Floating Operations and Production Pte Ltd.

The principal activity of the subsidiary is provision of operations and maintenance of floating marine assets to the offshore oil and gas industry, Yinson said in a filing to Bursa Malaysia.

The incorporation of the new unit is not expected to have any material effect on the group’s earnings or net assets for the financial year ending Jan 31, 2019, the filing added.

Yinson shares rose one sen or 0.22% to RM4.57 today, giving the group a market capitalisation of RM5 billion.