Ezra to Sell Ezion Stake (Singapore)

The board of directors of Ezra Holdings Limited announced that the Company will divest its holding of 40 million ordinary shares in Ezion Holdings Limited, a publicly – listed company on the SGX Main Board of the Singapore Stock Exchange via a placement that is fully underwritten by DBS Bank Ltd.

Ezion is a leading provider of offshore marine logistics and support services and owner of a fleet of multipurpose self propelled jack-up rigs.

The Divestment takes place on 31 May 2013.

The Divestment, representing approximately 4.17 % of the existing issued share capital of Ezion, was transacted at a price of S$ 2.25 per Sale Share for a total sales consideration of S$90.0 million equivalent to approximately US$71.2 million.

The Sale Price represents a discount of 4.9% to the traded Volume-Weighted Average Price of S$2.37 over 30 May 2013.

The net asset value of the Sale Shares is US$33.8 million as at 31 August 2012.

Based on the mark to market valuation of the investment in Ezion derived from the latest announced audited financial statements of Ezra.

The Divestment is part of Ezra’s ongoing capital management efforts to enhance shareholder value through the realization of their investments. This is in line with the Company’s initiative to rationalize it s non-core assets and continue its focus on execution in its core businesses. GAIN ON DIVESTMENT AND USE OF PROCEEDS 5.1 The Company will realise an estimated net gain of approximately U S$ 65 .7 million from the Divestment subject to any other accounting adjustments which may be necessary upon finalization of the transaction.

The Company intends to use the sale proceeds to meet its working capital needs, reduce debt and fund growth and operations of its core business divisions.

Press Release, May 31, 2013

 

Share this article

Follow Offshore Energy Today

Events>

<< Jan 2020 >>
MTWTFSS
30 31 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31 1 2

Africa Oil Week 2020

For over 25 years Africa Oil Week has been the meeting place for Africa’s most senior E&P stakeholders.

read more >

CERAWeek 2020

 Each year, CERA clients gathered for a few days in Houston…

read more >

Offshore Technology Conference (OTC) 2020

The Offshore Technology Conference (OTC) showcases leading-edge technology for offshore drilling, exploration…

read more >

2020 EXPLORATION AND PRODUCTION STANDARDS CONFERENCE ON OILFIELD EQUIPMENT AND MATERIALS

The development of consensus standards is one of API’s oldest and most successful programs.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply