Singapore's Triyards Holdings, the engineering and fabrication division of Ezra, said Monday that it has received conditional eligibility for the listing of Triyards on the Main Board of the Singapore Exchange.
Ezra proposes to distribute 33 percent of Triyards' issued ordinary shares, or up to 107.2 million ordinary shares, on the basis of one Triyards share for every 10 Ezra shares. The proposed distribution is subject to the approval of Ezra's shareholders at an extraordinary general meeting to be convened. If the distribution is approved and completed, Ezra will retain a majority control of 67 percent in Triyards.
"The decision to list Triyards is to allow the company greater autonomy to build its own business. It will also allow the company to expand into new markets at a greater speed," a company spokesperson with Ezra told Rigzone through a telephone interview.
Triyards operates out of three yard facilities, two located in Vietnam and one sited in the US. The services that Triyards provides include the fabrication and assembly of jack-ups, offshore platforms, jacket and steel structures and topsides. It also provides vessel and rig repair services, as well as vessel design and building services.
The spokesperson said that Ezra has not yet decided on the date of the extraordinary general meeting, but he added that it will take place "fairly soon."
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