DNB Bank Takes 7% Stake in Ezra

Norway’s largest bank, DNB Bank ASA, has acquired a 7.04 per cent stake at offshore oil and gas contractor Ezra Holdings for S$24.84 million ($17.3 million), from Frontica Global Employment Limited, ultimately a subsidiary of Oslo-listed Akastor.

According to Ezra’s Singapore Stock Exchange filing, Frontica, prior to this transaction, owned approximately 218.6 million shares with 7.44 per cent interest, making it a substantial shareholder and one of Ezra’s largest stakeholders.

In a deal, struck on Friday, September 25, DNB Bank ASA, having no previous interest in Ezra, snapped up 207 million shares, in an off-market transaction, and turned into Ezra’s substantial shareholder, leaving Akastor’s subsidiary with some 11.6 million shares which has resulted in their ceasing to be substantial shareholders.

The details of the transaction, unknown until today, were announced following the statement on the progress of the deal Ezra made with Japan’s Chiyoda to sell half of its subsea business in a transaction which implies an aggregate deal value for EMAS CHIYODA Subsea of approximately USD 1.25 billion.