AusGroup buys Ezion’s marine supply base business

Singapore: AusGroup has bought Ezion Holdings’ marine supply base business, as part of its plan to expand into the provision of onshore and offshore marine services.

Captain Larry Glenn Johnson today stepped down as Ezion’s chief operating officer (COO) and director. Johnson will now focus on developing the marine supply base business and further collaboration between Ezion and AusGroup.

Mr Lee Kon Meng (Peter) will assume the role of Ezion’s COO from today onwards, having previously been deputy COO.

In July, offshore operator Ezion Holdings sold its subsidiaries Ezion Offshore Logistics Hub and its 90% stake in Teras Australia to AusGroup for S$55m. Of this sum, S$14m was paid in cash and the remainder in AusGroup shares, giving Ezion a 17.83% stake in AusGroup.

The two Singapore-listed companies said in July they planned to work together more closely following these acquisitions. [7/11/14]

 

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