NewTimeSpace News:The board of directors of PENGUIN INTERNATIONAL LIMITED released an announcement on February 27, 2026, disclosing the progress in the indirect establishment of its wholly-owned subsidiary. According to the announcement, the newly established subsidiary is named Flex Fleet Offshore Services FZCO, registered in the UAE, with a registered capital of 50,000 UAE Dirhams, consisting of 50 shares with a par value of 1,000 UAE Dirhams each.

In terms of business layout, the announcement specified that the core businesses of Flex Fleet Offshore Services FZCO are ship charter, ship management and operation, which form synergy with PENGUIN INTERNATIONAL LIMITED’s existing core businesses such as ship charter and operation, helping the company expand its offshore shipping service market in the Middle East.

It is reported that the capital for the establishment of this subsidiary is entirely sourced from PENGUIN INTERNATIONAL LIMITED’s internal resources. The company stated that this establishment is not expected to have any material impact on the group’s earnings per share and net tangible assets per share for the financial year ending December 31, 2026.

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