Ezion Holdings: Invests in Rotating Offshore Solutions
- Ezion Holdings announced that it has entered into a subscription agreement with Rotating Offshore Solutions Pte Ltd (ROS) in which it will subscribe for 321,429 shares in ROS for a consideration of S$18m.
- The shares will constitute 30% of the enlarged share capital after completion. In satisfaction of the subscription consideration, Ezion will issue 17.5m shares at an issue price of S$1.0287.
- This represents approx 1.09% of the enlarged issued share capital of the Ezion.
- ROS is headquartered in Singapore and is an engineering solution provider for the offshore oil and gas industry.
- Pending more details from management, we maintain our BUY rating and fair value estimate of S$1.55 on Ezion.
Source: http://www.ocbcresearch.com/
