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 August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Keystone XL Costs to Nearly Double - TransCanada

The total cost of TransCanada Corp's controversial Keystone XL pipeline is likely to nearly double following six years of regulatory delays, a company spokesman said on Friday.

Chevron To Find Buyers for Hawaiian Refinery

Chevron Corp has hired an investment bank to identify potential buyers of its 54,000 barrel-a-day refinery in Kapolei on the Hawaiian island of Oahu, a company official said.

Rotterdam Integrates Safety Research with LNG Training Facility

The Dutch company Falck Risc is becoming the number one expert on LNG safety in Europe. Together with the Unified Fire Department, Falck Risc will draw up guidelines

Offshore

Deep Sea Supply takes Delivery of 'Sea Triumph'

The Deep Sea Supply  took delivery of the newbuilding Platform Supply Vessel 'Sea Triumph'  on Thursday 18 September.  The vessels 'Sea Triumph' is a STX 05-L

University of California Not to Divest from Fossil Fuels

The University of California voted on Friday to maintain its investments in fossil fuels, frustrating a student-led effort to divest its portfolio in oil, natural gas and coal.

Lilaas Engages Imtra for N. American Distribution

Strong prospects in the North American marine equipment market have triggered a new importation and distribution agreement between control specialist Lilaas

News

Deep Sea Supply takes Delivery of 'Sea Triumph'

The Deep Sea Supply  took delivery of the newbuilding Platform Supply Vessel 'Sea Triumph'  on Thursday 18 September.  The vessels 'Sea Triumph' is a STX 05-L

Tropical Storm Polo Threatens Battered Mexican Resort of Los Cabos

Tropical storm Polo barreled nearer on Friday to the Mexican Pacific resort of Los Cabos where thousands of troops were restoring order following widespread

Keystone XL Costs to Nearly Double - TransCanada

The total cost of TransCanada Corp's controversial Keystone XL pipeline is likely to nearly double following six years of regulatory delays, a company spokesman said on Friday.

Mergers & Acquisitions

Sulzer Shareholder has 5 pct Dresser-Rand Stake

Russian billionaire Viktor Vekselberg's Swiss investment firm Renova Group said on Friday it had a 4.99 percent stake in U.S.-based Dresser-Rand, which might become the object of a takeover battle.

Source: Siemens Offering $6.1 bln for Dresser Rand

Germany's Siemens plans to offer more than $6.1 billion, or $80 per share, for U.S. compressor and turbine maker Dresser-Rand, Germany's Manager Magazin said on Friday.

Global Ship Lease to Acquire Containership

Global Ship Lease, Inc. has  announced  that it has agreed to acquire a 8,063 TEU containership from a leading container liner company for a purchase price of $55 million.

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Navigation Pipelines Pod Propulsion Port Authority Ship Electronics Ship Simulators Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.2008 sec (5 req/sec)