Ezion to Divest Shareholding in OMSA, Singapore

Ezion to Divest Shareholding in OMSA

Ezion Holdings Limited announced that the company, through its wholly-owned subsidiary, Ezion Investments, entered into a sales and purchase agreement with Offshore Marine Services and PB Sea Tow Holdings (BVI) in relation to the divestment of 33 1/3% effective interest in Offshore Marine Services Alliance (OMSA), a jointly-owned company incorporated and operating in Australia, for a sales consideration of AUD35.0 million.

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.

LNG World News Staff, March 04, 2013; Image: Ezion