Singapore: Ezion Holdings is buying 45.15% of the total enlarged share capital of Ocean Sky International. Ezion has proposed to subscribe for 440m new ordinary shares in the capital of Ocean Sky at the issue price of S$0.108 per subscription share to be satisfied by allotment and issuance of 20,212,675 new Ezion shares to Ocean Sky.
In addition, the company is proposing to acquire 165,000,000 share options, with each option carrying the right to subscribe for one new ordinary share in the capital of Ocean Sky at the exercise price of S$0.108 per option.
The company is also proposing to inject its marine supply base business into Ocean Sky and redesignate its existing chief operating officer, Captain Larry Glenn Johnson, as the new chief executive officer cum executive director of Ocean Sky upon the successful acquisition of 45.15% of the total enlarged share capital of Ocean Sky.
Ezion will appoint its deputy chief operating officer, Lee Kon Meng, as its chief operating officer.
Chew Thiam Keng, Ezion’s ceo, said: “This acquisition will allow Ocean Sky International Limited to have a dedicated management team for the Group to capture new business opportunities in providing vital marine infrastructure in resource rich Australia while allowing Ezion to continue to focus on meeting the strong demand from clients of its existing business.” [30/09/13]