Reuters reported that an investment firm has bought a controlling stake in Singapore shipbuilder Jaya Holdings (J10.SI)
, triggering a mandatory cash offer for the outstanding shares in a deal valuing Jaya at $655m.
Cayman Islands-incorporated Nautical Offshore Services and Jaya said in statements to the Singapore Exchange (S68.SI)
late on Friday that Nautical had acquired 44.3 percent of the Singapore firm
and would make a mandatory cash offer for the remaining shares.
Jaya suspended trading in its shares early on Friday, pending an announcement.
Jaya owns a small shipyard in Singapore and another in the Indonesian island of Batam.
It also owns a fleet of about 30 offshore support vessels (OSVs) that help tow and moor oil rigs and platforms and help transport workers and supplies for these offshore structures. Jaya has about 43 OSVs under construction at its yards and at some Chinese yards.