Ezra Holdings, has relinquished close to 61 percent of its controlling interest in Singapore-based shipbuilder Triyards in a share-based payment arrangement with two banks.
According to the agreement, DBS Bank and Oversea-Chinese Banking Corporation (OCBC) have both obtained 30.455 percent stake in Triyards or 98,828,118 ordinary shares ( 98,828,117-OCBC).
Triyards has seen its revenue climb by 27 percent for the nine months ended May 31, 2016 ($230.7 million) with a net profit attributable to shareholders of $15.6 million, down from $18.7 million same time last year.
The company currently owns and operates fabrication yards in Ho Chi Minh City and Vung Tau in Vietnam and Singapore, as well as design and engineering facilities in Houston in the United States.
Subsea World News Staff