Singapore-listed offshore services provider Ezion Holdings Limited announced Wednesday that its wholly owned subsidiary, Teras Australia Pty Ltd (Teras), has entered into an agreement to subscribe for 1,704,450 new shares of Aboriginal Maritime Pty Ltd (AML), representing 20 percent of the enlarged share capital of AML, for a total consideration of $233,600 (AUD 250,000).
AML is a 25 percent aboriginal-owned marine services company that provides maritime training and employment to indigenous workers in Australia.
AML will also subscribe for 111,111 new shares of Teras, representing 10 percent of the enlarged share capital of Teras, for a total consideration of $233,600 (AUD 250,000). AML shall have the right to subscribe an additional 138,889 new ordinary shares in the capital of Teras (the Option), representing 10 percent of the enlarged share capital of Teras, at the following consideration:
The considerations for the new shares of both Teras and AML were arrived at on a willing buyer and willing seller basis.
Based on the management accounts of Teras and AML as at June 30, the proportionate unaudited net tangible asset/(net liabilities) are as follows:
The Group believes that the tie up with AML will enhance its capability to secure new projects and better support its clients in Australia.
The abovementioned agreement is not expected to have a material impact on the Group’s earnings per share or net tangible assets per share for the financial year ending Dec. 31.
None of the Directors or substantial shareholders of the Company has any interest, directly or indirectly, in the abovementioned transaction, save for their shareholdings in the Company.
WHAT DO YOU THINK?
Click on the button below to add a comment.
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
Most Popular Articles
From the Career Center
Jobs that may interest you