EA Technique expects RM74m from December IPO

Kuala Lumpur: EA Technique says it expects to raise RM74.1m through the public issue of its initial public offering (IPO) in Kuala Lumpur on December 11.

EA Technique's IPO entails an offer for sale of 15m existing shares and a public issue of 114m new shares, of which 25.2m new shares will be made available to the Malaysian public at an issue price of 65 sen per share.

EA Technique is a shipowner and operator of marine vessels for the transportation and offshore storage of oil and gas, and provider of port marine services. Its wholly-owned subsidiary Johor Shipyard and Engineering Sdn Bhd is involved in shipbuilding, ship repair and minor fabrication.

It operates a total of 31 marine vessels, of which 22 vessels are owned by the company while the remaining nine vessels are chartered in.

The group has outlined plans to acquire six more new vessels namely, two fast crew boats, three harbour tugboats and a floating storage and offloading (FSO) vessel.  [25/11/14]

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