Athens: Dayang Enterprise Holdings has today entered into a conditional share sale agreement to take over Malaysia-based offshore service provider Perdana Petroleum.
The proposed acquisition will firstly see Dayang purchase a 5.74% interest (42,965,100 ordinary shares) in Perdana from Affin Hwang Asset Management for MR 1.55 ($0.43) per share or MR 66.6m ($18.7m) in total.
This acquisition will increase Dayang’s shareholding in Perdana from 29.77% to around 35.51%, a statement said today.
Dayang will then place a mandatory general offer (MGO) for all the remaining shares in Perdana it does not already own and for the shares that may be issued after any outstanding warrants 2010/2015 are exercised by Perdana. These shares will likewise be priced at MR 1.55.
Any remaining warrants not already owned by Dayang will be purchased by the company at a price of MR 0.84 ($0.24) per warrant.
Perdana currently has five workbarges and a workboat employed on long-term charters to Dayang, an investment group with subsidiaries involved in providing offshore topside maintenance services, minor fabrication works and chartering marine vessels.
The acquisition is “an opportunity for Dayang and its subsidiaries to pursue its expansion strategy and long-term objective of evolving in to a market leader for the provision of hook-up construction and commissioning services within the oil and gas industry,” Dayang said today.
Both companies are listed on Malaysia’s Bursa stock exchange. Trading in both companies’ securities was suspended on Wednesday and will resume on Friday.