OSK Holdings Bhd. said unit PJ Development Holdings Bhd. incorporated wholly owned subsidiary, Yarra Development Holdings (Australia) Sdn. Bhd.
Yarra Development has an issued share capital of 100 Malaysian ringgit comprising 100 ordinary shares. It was incorporated March 28.
Following the move, Yarra Development incorporated its wholly owned subsidiary, Yarra Australia Development Pty. Ltd., on March 29. Yarra Australia Development has an issued and paid up capital of A$10 comprising 10 ordinary shares.
Both Yarra Development and Yarra Australia Development became indirect subsidiaries of OSK Holdings following their respective incorporation. The two companies engage in investment holding.
The incorporation will not have any material effect on OSK Holdings' earnings and net assets for the financial year ending Dec. 31, 2017, the company said in two separate releases.
As of March 29, US$1 was equivalent to 4.42 Malaysian ringgit and to A$1.31.