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    Affinity sells stake in Jaya Holdings

    Company News // March 17, 2011

    Private equity firm Affinity Equity Partners has sold its 54.7 majority stake in troubled Singapore based shipowner and shipbuilder Jaya Holdings to a consortium led by Deutsche Bank.

    Seabrokers said the deal is valued at S$202.6 million (US$158 million) and triggers a mandatory offer for the rest of Jaya, however the consortium's offer price of S$0.48 is 27 per cent below Jaya's last traded price.

    Affinity acquired its stake in Jaya in 2006 via a vehicle called Nautical Offshore Services and had been struggling to dispose of its loss making asset which latterly was not making enough money to service a US$233 million loan which Affinity raised to acquire the shares.

     

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