Ezra in deal to strengthen offshore support businessNews // January 5, 2006
Singapore-based support vessel operator Ezra Holdings Limited has announced that its wholly-owned subsidiary HCM Logistics Limited has concluded a sale and purchase agreement to acquire a 30 per cent stake in Uni-Bulk Holdings Pte Ltd from Eastern Bulk Limited for S$14.4 million.
Uni-Bulk is a marine support company specializing in the provision of marine solutions. This involves the planning, management and transportation of high value Pre-
Assembled Modules and Semi-Assembled Modules for infrastructural and oil and gas projects mainly in the Asia Pacific region. Its customers are mainly multinationals corporations involved in large infrastructure developments such as refineries, smelting
plants, processing plants and port facilities.
The purchase price will be satisfied by the issue of 9.6 million new ordinary Ezra shares at S$1.40 apiece and S$0.96 million in cash.
This latest deal is hot on the heels of Ezraĺs recent acquisition of Asian Technical Maritime Services Limited which owns a fully operational logistics and training base with water frontage in Vietnam. The purchase was also done through HCM Logistics.
ôThe two businesses are complementary and offer good synergies as Uni-Bulk will be able to tap HCM Logisticsĺ support base in Vietnam. The deal enhances Ezraĺs position as a leading services provider of offshore support services in the region,ö said Mr Lionel Lee, Ezraĺs Managing Director.
The consideration was arrived at on a willing-buyer and willing-seller basis.