Hong Leong buys $155M worth of Ezion shares

Ezion Holdings Limited today announced the subscription of 100 million new ordinary shares by Asia Fountain Investment Company Limited, an indirect wholly owned subsidiary of Guoco Group Limited and GuoLine Capital Limited, an indirect wholly owned subsidiary of Hong Leong Company (Malaysia) Berhad for approximately USD155 million.

Ezion owns and operates a fleet of Multi-Purpose Self Propelled Jack-up Rigs (“Liftboats”) globally. The company describes itself as one of the first to promote the usage of Liftboats in Asia, Middle East and West Africa.  Ezion expects to grow its fleet and capabilities significantly as it strives to achieve its vision to be a world-class corporation and the market leader in Asia Pacific.

Chew Thiam Keng, Group CEO of Ezion said: “We are most happy to have the privilege of working with Tan Sri Quek Leng Chan, an esteemed and most well regarded global investor. On behalf of the Board and management of Ezion, I warmly welcome his investment. This investment will allow Ezion to leverage on our new shareholders’ extensive network of resources and vast experience, in particular in Asia, and to further expand our business in the vibrant offshore Oil and Gas industry. We also believe that the proceeds received from this investment will allow us to better position ourselves to meet the strong demand of clients for our product and services, balance our capital structure and allow us to keep up with the growth without having to raise further equity for at least the next 12 months based on current business prospects.”

Credit Suisse acted as sole arranger for the Proposed Subscription.

 

  April 16, 2014

 

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