Jaya Holdings Limited (Jaya) has agreed to sell the entire issued and paid up share capital of all its subsidiaries (the sale companies) to Mermaid Marine Australia Limited for aggregate cash consideration of approx $495 million.
Following completion of the proposed transaction, the company intends to distribute a significant portion of the purchase consideration to shareholders by way of a cash dividend. Subsequently, the Board will consider options available to the company.
The proposed transaction is subject to approval at an extraordinary general meeting of the shareholders of Jaya (the EGM), regulatory approvals and other closing conditions.
Cathay Asset Management Company Limited, Linden Capital L.P., Orchard Avalon Limited, Orchard Centar Master Limited and Orchard Makira Master Limited (together, the Undertaking Shareholders) together have an interest of approximately 52.9% of the issued and paid-up shares of Jaya.
[mappress] Jaya, February 25, 2014