Singapore: Singapore-listed rig operator Ezion Holdings is selling shares to two firms in Malaysia’s Hong Leong Group, raising $155m to help expand its fleet.
Ezion issued 100m new shares at S$1.94 per share, an 8.9% discount to Tuesday’s closing price.
Asia Fountain Investment and GuoLine Capital, both subsidiaries of Hong Leong Co, each subscribed to 50 million shares. Each unit will hold approximately 3.8% of the enlarged share capital of the company.
The Hong Leong group is controlled by Quek Leng Chan, who has been buying into energy companies in a big way in the past 12 months, snapping up stakes in Scomi Energy and TH Heavy Engineering among others.
Ezion will buy more vessels with the money raised. [17/04/14]