Swiber Sells OER Stake (Singapore)
- Business & Finance
Singapore’s Swiber Holdings Limited has announced that its subsidiary Kreuz Engineering Limited had disposed its entire equity interest, comprising 2,500 ordinary shares, representing 25% equity interest in the share capital of Offshore Engineering Resources Pte. Ltd (OER).
The value of the sale is estimated at US$2,500.00.
Following the disposal, OER ceased to be the associated company of the Swiber Group.
“The above transaction is not expected to have any material financial impact on the consolidated net tangible assets per share and consolidated earnings per share of the Company and the Group for the current financial year ending 31 December 2013,” Swiber said in a statement, without disclosing the identity of the company who bought the OER shares.
The principle activity of OER is to provide HR and engineering consultancy services.
Offshore Energy Today Staff, October 04, 2013