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

People & Company News

Baltic Sea Freight Index Edges Higher

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, edged higher on Monday as rates rose for vessels across all segments.

Rotterdam Gate LNG Terminal Expansion Started

Dutch gas network operator Gasunie and tank storage service provider Vopak said on Monday that the expansion of their Gate liquefied natural gas (LNG) terminal in Rotterdam has begun.

BMT Expands to Meet Increased Workload

BMT Nigel Gee (BMT), a subsidiary of BMT Group, has announced the completion of new offices in Southampton in order to meet a large increase in design work.   Operating

Offshore

Keppel FELS Delivers 11th Jackup to Mexico

Keppel FELS Limited (Keppel FELS), a wholly owned subsidiary of Keppel Offshore & Marine Ltd (Keppel O&M), has delivered a KFELS B Class jackup rig to Mexican national oil company,

North Sea Oil: Harkand wins Maersk Oil North Sea Deal

Harkand won a multi-million contract with Maersk Oil North Sea Ltd for the provision of DSV services in the North Sea region. The 12-month contract will be serviced by Harkand’s two DSVs,

China's Air Drills Roil South China Sea Waters

China's air force conducted its first drill above the western Pacific Ocean on Monday, the Defence Ministry said, in a move that could exacerbate tensions with

News

Baltic Sea Freight Index Edges Higher

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, edged higher on Monday as rates rose for vessels across all segments.

Rotterdam Gate LNG Terminal Expansion Started

Dutch gas network operator Gasunie and tank storage service provider Vopak said on Monday that the expansion of their Gate liquefied natural gas (LNG) terminal in Rotterdam has begun.

MARIN, Cruden, Tree C Technology Forge Small Ship Simulator

Severe vibrations and shocks of up to 9G over an average of 1000 hours per year. That’s what instructors of fast small ships such as the Fast Raiding, Interception

Mergers & Acquisitions

CSIC, CSSC Dismiss Shipbuilder Merger Rumors

China's state-backed shipbuilding giants said they have not received any merger-related information from authorities, after an executive swap between the firms sparked a market rally in their shares.

Swire Pacific Offshore Acquires 2 Newbuildings

Shipowner and operator, Swire Pacific Offshore Operations (Pte) Ltd (SPO) celebrated the naming of two new vessels, Pacific Centurion, an Anchor Handling Tug Supply (AHTS) vessel,

Golden Ocean and Knightsbridge Complete Merger

The merger between Knightsbridge Shipping Limited and Golden Ocean Group Limited was approved today at special meetings of both companies' shareholders.      The new company,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Navigation Pipelines Pod Propulsion Ship Repair Ship Simulators Shipbuilding / Vessel Construction
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: 0.1823 sec (5 req/sec)