Ezion Holdings Limited (the Company and together with its subsidiaries, the Group) announced Wednesday that the Company has entered into a sale and purchase agreement dated July 22 (the S&P Agreement) with AusGroup Limited (AusGroup), pursuant to which AusGroup shall purchase, and the Company shall sell, the Company’s entire shareholding in Ezion Offshore Logistics Hub Pte Ltd (EOLH) and Teras Australia Pty Ltd. (Teras, together with EOLH, the Targets) (the Proposed Sale) for an aggregate consideration of $44 million (SGD 55 million).
1. Information on EOLH and Teras
EOLH, a wholly-owned subsidiary of the Company, is an investment holding company incorporated in Singapore with an issued and paid-up share capital of $79,980 (SGD 100,000) comprising 100,000 ordinary shares.
EOLH has the following direct and indirect wholly-owned subsidiaries:
Teras, a company incorporated in Australia and a 90 percent-owned subsidiary of the Company, provides ship chartering services and maritime training to indigenous workers in Australia with an issued and paid-up share capital of $1.18 million (AUD 1.25 million) comprising 1,111,111 ordinary shares.
2. Information on the Proposed Sale
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