Singapore: The former boss of Labroy Marine, Tan Boy Tee, made a big splash back into the offshore sector yesterday buying 10m new shares in Ezion Holdings for S$12.64m. Tan, already an existing Ezion shareholder, will become a “strategic partner and ad hoc adviser” Ezion said in a statement. He also intends to provide funding for future projects of the company.
The issue price represents a 5% discount to the volume weighted average price of S$1.33 on Monday.
Ezion intends to use the majority of net proceeds in acquiring offshore and marine assets with the remainder used for general working capital.
Tan, who founded Labroy Marine, is a serious mover and shaker in the Southeast Asian yard scene, having sold his shipyard to Drydocks World four years ago.
Tan has also entered into a sale and purchase agreement with Ezion’s ceo Chew Thiam Keng to buy a further 10m shares at a price of S$1.1305, a 15% discount from Monday’s trading price. [07/11/12]