Technics Targets Vigahs Acquisition

Posted by Michelle Howard
Monday, November 11, 2013

The board of directors of Technics Oil & Gas Limited announced that its subsidiary V Offshore Engineering Pte. Ltd. (VOE) has entered into a nonbinding memorandum of understanding (MOU) with Goh Choon Huat, Koa Wee Boon, Senavannaido Duruvasai and Koa Susie in relation to a proposed acquisition of 74% of the entire issued and paid-up capital of Vigahs Marine Technologies Pte. Ltd. by VOE.

Based on the information available to the company, the target company is a company incorporated in Singapore and is in business of repairing and building of ships, tankers and other ocean-going vessels. Pursuant to the MOU, the vendors will transfer 74% of the total issued share capital in the target company to VOE at a maximum aggregate consideration of S$5,299,880. The company intends to grow the target business, including repairing and building of ships, tankers and other ocean-going vessels with the Vendors. The purchase consideration is derived by valuing the target company at S$7,162,000 or 3.581 times its target net profit after tax of S$2,000,000 for the financial year ending December 31, 2013 in accordance with Singapore Financial Reporting Standards. The vendors shall deliver the audited accounts of the target company for the financial years ended December 31, 2011 and December 31, 2012 by November 5, 2013 for review by VOE. Subject to terms and conditions to be negotiated upon between the vendors and VOE, the purchase consideration shall be adjusted accordingly.

VOE shall conduct due diligence investigations on the target company after receiving the 2011 and 2012 accounts and shall complete the DD Investigations and the management of the target company provides full co-operation to VOE throughout the DD Investigations. The completion of the proposed acquisition are subject to, inter alia: (i) the completion of the DD Investigations; and (ii) VOE being satisfied in its reasonable discretion that there has been no material adverse change or events, acts or omissions likely to lead to such a change in the business, assets, prospects, performance, financial position or results of operations of the target company after the date of the MOU.

As at the date of this announcement, no definitive documentation has been executed in relation to the proposed acquisition and accordingly, there can be no assurance that the proposed acquisition will materialize.

The company will provide further details in subsequent announcements in accordance with the listing rules of the Singapore Exchange Securities Trading Limited at the appropriate junctures. In the meantime, shareholders of the company are advised to refrain from taking any action in respect of their shares in the company which may be prejudicial to their interests and to exercise caution when dealing with shares in the company. In the event that shareholders of the company wish to deal in the shares of the company, they are advised to seek their own professional advice and/or consult their stockbrokers.

None of the directors or substantial shareholders of the company has any interest, direct or indirect, in the transaction.
 

Maritime Reporter April 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

5th Floating Accommodation for Lerwick

A further accommodation ship, Ocean Atlantic, is due at Lerwick on Monday 27 April 2015 and is on its way from Portland in Dorset. As with the other floating accommodation at the port,

Double Order for Super Gloria Reachstacker

Kalmar, part of Cargotec, has gained an order for two Super Gloria reachstackers from Tadarsa Logistics S.L. in Aviles, Spain. The largest reachstackers ever built,

BIMCO Welcomes EU Decision on Migrants

BIMCO has stated today that it appreciates the new efforts by EU leaders to reduce increasing reliance on merchant shipping to rescue the growing numbers of

Offshore

Falklands' Oil Drilling at Isobel Deep Suspended

Oil explorers drilling in the waters north of the Falkland Islands have suspended work on the second well of their 2015 current six-well drilling campaign after a technical problem.

Arctic Nations to Fight Climate Change Despite Russia Tensions

The eight Arctic Council nations pledged on Friday to do more to combat climate change that is shrinking the vast frigid region, with countries trying to put

OSV Technology: Notable Designs & Deliveries

Though the market for Offshore Support Vessels (OSVs) is soft, advances in technology, fit and finish in  the sector is unrivaled in any other maritime niche over the past five years.

News

5th Floating Accommodation for Lerwick

A further accommodation ship, Ocean Atlantic, is due at Lerwick on Monday 27 April 2015 and is on its way from Portland in Dorset. As with the other floating accommodation at the port,

Double Order for Super Gloria Reachstacker

Kalmar, part of Cargotec, has gained an order for two Super Gloria reachstackers from Tadarsa Logistics S.L. in Aviles, Spain. The largest reachstackers ever built,

Goliat FPSO in Norway

The Goliat FPSO was successfully floated off the heavy-lift vessel, Dockwise Vanguard, in the fjord outside Hammerfest, says Eni Norge    The Goliat platform has arrived in Hammerfest,

Mergers & Acquisitions

5th Floating Accommodation for Lerwick

A further accommodation ship, Ocean Atlantic, is due at Lerwick on Monday 27 April 2015 and is on its way from Portland in Dorset. As with the other floating accommodation at the port,

HII, Kinder Morgan Not to Pursue Avondale Joint Venture

Huntington Ingalls Industries and Kinder Morgan Inc. decide not to pursue joint venture on Avondale redevelopment   Huntington Ingalls Industries (HII) announced

MISC Says AET Tankers Unit Not for Sale

MISC Berhad issued a statement today addressing recent market speculation that the company is set to sell its wholly owned petroleum tanker subsidiary AET Tankers.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Navigation Pipelines Port Authority Ship Electronics Ship Simulators Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2853 sec (4 req/sec)