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Yinson buys liftboats operator EHL

KUALA LUMPUR, April 1 (Bernama) -- Yinson Eden Pte Ltd, a wholly owned-subsidiary of Yinson Holdings Bhd (Yinson), has acquired Singapore-based liftboats operator Ezion Holdings Ltd (EHL) after striking a deal with EHL’s lenders. 

Yinson Eden made the acquisition following a conditional debt conversion agreement and conditional option agreement with EHL.

In a statement today, Yinson said upon completion of the debt conversion, YEPL will hold a minimum 70 per cent stake in EHL’s enlarged share capital.

“YEPL is currently in discussion with the lenders to acquire up to US$916 million (US$1 = RM4.08) of EHL’s existing loans through debts assignment. The lenders will be paid US$200 million cash and EHL shares by YEPL,” it said.

Yinson group chief executive officer Lim Chern Yuan said liftboats are preferable for maintaining oil production which provides synergistic value to our principal activities of leasing, chartering and management of vessels for the oil and gas industry.

“Liftboats are the preferred option for installation and maintenance of offshore wind farms. This acquisition exercise is also in line with Yinson’s ambition to venture into the renewable energy sector,” he said.

Yinson said the EHL shares to be held by YEPL came from the conditional debt conversion agreement, which allowed YEPL to capitalise the debts into EHL shares at 5.5 sen per share.

“It also comes with a conditional option agreement that allows YEPL to subscribe for up to 3.36 billion EHL shares at the exercise price of 60.5 sen per share at any time during a period of five years commencing on the date of the issuance of options,” it added.  

-- BERNAMA

 





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