Ezion Holdings divests of 33 1/3% shareholdings in Offshore Marine Services
Ezion Holdings Limited, through its wholly-owned subsidiary, Ezion Investments Pte Ltd, entered into a sales and purchase agreement with Offshore Marine Services Pty Ltd and PB Sea TowHoldings (BVI) Limited (the "Purchasers") in relation to the divestment of 33 1/3% effective interest in Offshore Marine Services Alliance Pty Ltd ("OMSA"), a jointly-owned company incorporated and operating in Australia, for a sale s consideration of AUD35.0 million, the company reports.
The sales consideration was agreed to on a willing buyer willing seller basis taking into account, amongst other factors, the value of the net tangible assets in OMSA and expected future income of OMSA.
The divestment will allow Ezion to better position itself in the long term to continue the Group’s focus and support of the LNG related activities in Australia.
The divestment is expected to have a positive material impact on the Group's consolidated net tangible assets and earnings per share for the financial year ending 31 December 2013.