Ezion Holdings Ltd.'s wholly-owned subsidiary Ezion Investments Pte. Ltd. (EIPL) entered into a joint venture agreement with Pacific International Offshore Pte Ltd. (PIO) to provide additional assets to a national oil company for development and production related work.
EIPL and PIO will form a joint venture firm, with the former owning 33 percent interest and the latter holding the remaning 67 percent.
PIO, which focuses on offshore marine vessel owning, chartering and related services, is 51 percent owned by Pacific International Lines (Private) Ltd. (PIL), with Tan Kim Seng and Ang Boon Cheow Edward holding 34 percent and 15 percent stake, respectively.
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