Jaya Holdings sells up to Mermaid for S$625m

Singapore: Offshore vessel owner and shipbuilder, Jaya Holdings, has announced that it is effectively selling up its entire business to Mermaid Marine Australia for S$625m.
The deal, for all subsidiaies of the company, comes after it held a strategic review of its business in September last year, and the deal represents a 45% premium on the company's value at that time.
Jaya intends to distribute most of the proceeds from the sale to shareholders by way of a cash dividend and said it will consider options available to the company moving forward. [25/02/14]

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