SINGAPORE, April 16 Singapore-listed Ezion
Holdings Ltd, which supplies support vessels for
offshore oil fields, said it plans to sell shares to two firms
in Malaysia's Hong Leong Group, raising $155 million to help
expand its fleet.
The capital raising follows news this month of an up to $380
million planned IPO in Singapore by PACC Offshore Services
Holdings (POSH), an operator of maritime support vessels
controlled by Malaysia's richest man Robert Kuok.
Ezion issued 100 new million shares at $1.94 per share, an
8.9 percent discount to Tuesday's closing price.
Asia Fountain Investment Company Limited and GuoLine Capital
Limited, both subsidiaries of Hong Leong Company (Malaysia)
Berhad, each subscribed to 50 million shares. Hong Leong Company
(Malaysia) Berhad is the holding company of Hong Leong Financial
Each unit will hold approximately 3.8 percent of the
enlarged share capital of the company.
Ezion plans to use 70-90 percent of the net proceeds on the
acquisition of offshore and marine assets, and the rest on
general working capital. The company's net non-current assets
rose 84 percent in 2013, after nearly tripling in the previous
Ezion shares were flat at S$2.13 after the announcement.
($1 = 1.2522 Singapore Dollars)
(Reporting by Rujun Shen; Editing by Edwina Gibbs)