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

People & Company News

W&O, LESER Partner to Deliver Safety Relief Valves

W&O, a global supplier to the marine and upstream oil and gas markets for pipe, valves and fittings, valve automation and engineered solutions, has partnered with

Fednav Celebrates Anniversary Trio in Cleveland

Fednav Limited held a reception on board one of its vessels, the Federal Mayumi, at the Port of Cleveland yesterday to celebrate a trio of anniversaries: the 70th

Karl Senner Inks Distribution Deal with Electronic Power Design

Karl Senner, LLC (KS) has reached a new strategic representation agreement with Electronic Power Design (EPD). Karl Senner, LLC now represents EPD in the United States marine and offshore Markets.

Offshore

Fourth Rig Delivered to Perforadora Central

Keppel AmFELS LLC, a wholly owned US subsidiary of Keppel Offshore & Marine Ltd (Keppel O&M), has delivered the jackup rig, Coatzacoalcos, to Mexico’s Central Panuco S.

Woodside to Pick up Moroccan Acreage

Woodside advises that it has entered into a contract for an exclusive Reconnaissance Licence (RL) with the Office National des Hydrocarbures et des Mines, the

Strategy Can Maximize UKCS potential

Companies operating in the North Sea require a cultural shift to make the most of the its potential, according to a new report from Deloitte, the business advisory firm.

News

ClassNK Approves Niigata Dual-fuel Engine Design

Classification society ClassNK has granted approval to the design of the new 28AHX-DF dual-fuel engine developed by Niigata Power Systems Co., Ltd. The new engine

MacGregor Deck Equipment for Intership's Eco-bulkers

MacGregor, part of Cargotec, has secured a deck equipment contract from New Times Shipyard in China for Intership Navigation Co Ltd.'s three new 36,500 dwt laker-class bulk carriers.

W&O, LESER Partner to Deliver Safety Relief Valves

W&O, a global supplier to the marine and upstream oil and gas markets for pipe, valves and fittings, valve automation and engineered solutions, has partnered with

Mergers & Acquisitions

CMA CGM Acquires OPDR

The CMA CGM Group has acquired the German shipping company Oldenburg-Portugiesische Dampfschiffs-Rhederei GmbH & Co. KG (OPDR), CMA CGM founder, chairman and CEO Jacques R.

Woodside to Pick up Moroccan Acreage

Woodside advises that it has entered into a contract for an exclusive Reconnaissance Licence (RL) with the Office National des Hydrocarbures et des Mines, the

PGS Moves Asia Pacific HQ to Malaysia

Petroleum Geo-Services ASA : Kuala Lumpur Becomes the New Asia Pacific Regional Headquarters As a part of the plan to restructure PGS business activities

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Navigation Offshore Oil Pipelines Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
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: 0.2478 sec (4 req/sec)