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    Nautical Offshore Services seizes control of Jaya Holdings

    News // December 8, 2006

    LR-Fairplay reports that Singapore-listed Jaya Holdings, which owns shipyards in Batam (Indonesia) and Singapore, and operates a fleet of offshore support vessels, has been taken over by Nautical Offshore Services, a Cayman Islands subsidiary of fund manager Affinity Group.

    LR-Fairplay's Daily News of December 7th said Nautical acquired almost 50 million shares through block trade with a group of institutional investors executed through the Singapore
    exchange.

    The S$72.3 million (US$47 million) purchase on Tuesday at S$1.45 per share constituted 6.5 per cent of the share capital of Jaya and gave Nautical the necessary 51 per cent controlling stake.

    Nautical will now bid for the remaining shares.

    LR-Fairplay noted that Affinity gained the initial 44 per cent stake in Jaya by buying out a subsidiary of Malaysian conglomerate Sime Darby and five individual Jaya shareholders.

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