EOC Takes Full Ownership of OSVs

By Joseph R. Fonseca
Thursday, August 28, 2014
Lewek Antares

 

On 26 August 2014, EOC Limited agreed to acquire 50% of the entire issued share capital of Lewek Antares Shipping Pte. Ltd. (the "Target") , a company incorporated under the laws of Singapore, from Konquest Marine Pte Ltd ("KMPL"). Completion of the Acquisition shall take place on or around 28 August 2014.

Prior to the Acquisition, the Target was jointly owned by KMPL and Ezra Holdings Limited ("Ezra"), the largest shareholder of the Company, in a 50-50 proportion. Upon completion of the Acquisition and post completion of the Proposed Business Combination (as referenced in the stock exchange release by the Company on 10 July 2014, and the announcement made on 7 August 2014 in respect of the publication of the shareholder circular dated 7 August 2014), the Target shall be 100%-owned by the enlarged EOC Group.

The consideration for the 50% stake in the Target is approximately US$18.3 million, payable to KMPL upon completion. The consideration amount shall be funded via bank borrowings.

The Target is a special purpose entity which owns 2 offshore support vessels, namely the Lewek Atria, a 3,266 dwt platform support vessel, and the Lewek Antares, a 2,900 dwt with 60-ton crane multi- purpose service vessel, which are chartered to customers.

The current board of directors of the Target comprise of Capt. Adarash Kumar A/L Chranji Lal Amarnath, Mr. Lee Chye Tek Lionel, Mr. Lim Oon Cheng and Mr. Lim Oon Hock. As the Target is a special purpose entity, it has no employees.

As investors may be aware, the Company will be conducting a secondary listing and quotation of its shares on the Main Board of the Singapore Exchange Securities Trading Limited ("Singapore Offering"), in light of the Proposed Business Combination.

Pursuant thereto, the Company intends to lodge the prospectus relating to the Singapore Offering with the Monetary Authority of Singapore (the "Prospectus") on or about this Friday, 29 August 2014, which would then make the Prospectus publicly available.

The financial summary of the Target shall be disclosed in the Prospectus through the pro-forma accounts.

The Company also recently announced the acquisition of two newbuild accommodation vessels and an accommodation and support vessel. These acquisitions are in line with EOC's growth strategy of focusing on the growing accommodation and offshore support services sectors.

No agreements in connection with the Acquisition have been entered into for the benefit of the Company's senior employees and board of directors, nor the Target's board of directors.

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