Swiber's Subsidiary Acquires 38% Stake in Nigeria's Deltatek Offshore
Swiber Holdings Limited (the Company and together with its subsidiaries, the Group) disclosed Tuesday that Swiber Offshore Construction Pte. Ltd. (SOCPL), a wholly-owned subsidiary of the Company, has acquired 9,500,000 nil-paid ordinary shares of Deltatek Offshore Limited (DOL) with nominal value of $0.005 or NGN 1.00 each (the Shares), representing 38 percent of DOL’s entire issued share capital (the Acquisition). Following the Acquisition, DOL has become an associated company of the Company.
The aggregate consideration for the Acquisition is NGN 9,500,001 (equivalent to approximately $47,679) (the Consideration) comprising $0.005 (NGN1.00) paid in cash to the seller of the Shares and NGN 9,500,000 as capital injection for DOL as and when DOL calls on the nominal value of the Shares. The Consideration for the Acquisition was arrived at on a willing-buyer, willing-seller basis.
Based on the audited financial statements of DOL for the period ended Dec. 31, 2014, the net tangible asset value of DOL was NGN 4,661,930 (equivalent to approximately $23,397).
DOL is a company incorporated in Nigeria and will be principally engaged in providing offshore engineering, procurement, construction, installation and commissioning services in the Sub-Saharan Africa region.
The Acquisition will be funded through internal resources and is not expected to have any material financial impact on the consolidated net tangible assets per share and consolidated earnings per share of the Company and the Group for the current financial year ending Dec. 31, 2016.
None of the directors or controlling shareholders of the Company has any interest in the Acquisition, save for their interests arising by way of their respective shareholdings and/or directorships, as the case may be, in the Company, SOCPL and/or DOL.
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