Ezion Holdings Limited (Ezion or together with its subsidiaries, the Group), a leading provider of Liftboats & Service Rigs (Service Rigs) and offshore logistics support services, announced Monday the proposed acquisition of approximately 45.15 percent of the total enlarged share capital of engineering services provider Ocean Sky International Limited (Ocean Sky).
Ezion has proposed to subscribe for 440,000,000 new ordinary shares in the capital of Ocean Sky at the issue price of $0.086 (SGD 0.108) per subscription share to be satisfied by allotment and issuance of 20,212,675 new Ezion shares to Ocean Sky.
In addition, the Company is proposing to acquire 165,000,000 share options, with each Option carrying the right to subscribe for one new ordinary share in the capital of Ocean Sky at the exercise price of $0.086 (SGD 0.108) per Option.
The Company is also proposing to inject its marine supply base business into Ocean Sky and redesignate its existing chief operating officer, Captain Larry Glenn Johnson, as the new CEO cum executive director of Ocean Sky upon the successful acquisition of 45.15 percent of the total enlarged share capital of Ocean Sky. Notwithstanding the appointment of Captain Johnson as the CEO of Ocean Sky, Captain Johnson will continue to remain as an executive director of Ezion Holdings Limited.
Ezion will appoint its deputy chief operating officer, Lee Kon Meng (Peter), as its chief operating officer. Lee Kon Meng (Peter) is fully responsible for the Group’s Fleet Operations covering Liftboats & Service Rigs (Service Rigs) and tug & barge operations. Since joining the company about three and a half years ago, Lee has set up full company process systems in compliance to all international requirements suitable for work with all major oil & gas and offshore industry clientele.
Chew Thiam Keng, Ezion’s CEO, said: “This acquisition will allow Ocean Sky International Limited to have a dedicated management team for the Group to capture new business opportunities in providing vital marine infrastructure in resource rich Australia while allowing Ezion to continue to focus on meeting the strong demand from clients of its existing business.”
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