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    Winding up application filed against Emas AMC unit

    Company News // February 15, 2017

    The Board of Directors of Ezra Holdings Limited says the company was made aware on 13 February 2017 following an advertisement published in the Straits Times on 13 February 2017 that Necotrans Singapore Pte Ltd, a company incorporated in Singapore, has filed a winding up application with the High Court of the Singapore to wind up EMAS-AMC Pte Ltd, a wholly-owned subsidiary of Emas Chiyoda Subsea Limited, which is an associated company of the company. The winding up application against EMAS-AMC has been fixed for hearing on 3 March 2017.

    Ezra Holding said EMAS-AMC is currently seeking advice on the application. The company is also assessing the impact of the winding up application against EMAS-AMC on the company and its subsidiaries.

    Referring to an announcement in relation to the short-term standstill agreement relating to the repayment of the bareboat charter of Lewek Connector entered into between EMAS-AMC AS, a subsidiary of Emas Chiyoda Subsea, with Ocean Yield, Ezra Holdings' board noted that a stock exchange release was made by Ocean Yield on 13 February 2017 which stated that Ocean Yield has served a notice of termination related to the bareboat charter of the vessel.

    It was further stated in the stock exchange release that Ocean Yield will continue to participate in the discussions regarding a financial restructuring of Emas Chiyoda Subsea and that Ocean Yield is considering a short-term contract for the Vessel to a related company of the company at a reduced rate while a long-term solution is being discussed.

    "The company wishes to clarify that the group is open to enter into discussions with Ocean Yield in relation to the vessel, where the group’s participation is required," said Ezra Holdings.

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