Singapore-listed offshore firm Jasper Investments has been bought out by a former chairman. Triton Investments No. 8 is paying S$1.25m ($890,000) for an 80.77% stake in Jasper, a discount of 93.33% over its last traded price, a move that has triggered a mandatory takeover of all the outstanding shares.
Triton is run by Steven Simpson, who was non-executive chairman of Jasper for two years from July 2010. He has requested to become chairman of Jasper again.
Triton said in a release it intended to keep Jasper listed and to keep its offshore barge focus. Moreover, it said it might have drummed up some much needed business for struggling Jasper. Triton said in a release it had identified certain possible opportunities involving vessel management and operations relating to the provision of barge transportation services in connection with infrastructural works in the North Asian region and that it was in advance discussions with the project principal.
