OFFSHORE services provider Ezra Holdings has gotten the green light from shareholders at an extraordinary general meeting for a 50:50 subsea joint venture (JV) with Japan's Chiyoda Corporation, it said in a press release on Friday.
Chiyoda will invest in Ezra's subsea services business, EMAS AMC, to form EMAS Chiyoda Subsea. The JV will be able to use Chiyoda's technical expertise and global experience to tender for larger and more complex projects, Ezra said.
Group chief executive officer and managing director Lionel Lee said the company wants to accelerate the growth of its subsea business. Ezra expects the proposed JV to be completed in the first half of its financial year 2016.
Separately, Ezra said in a Singapore Exchange filing that the group's founder, Lee Kian Soo, will become chairman again after its current non-executive chairman Koh Poh Tiong steps down on Feb 1, 2016.
Mr Koh will also relinquish his role as senior advisor to Ezra so that he can focus on his work with other organisations he is involved in, the group said. He joined the board in 2011 and became chairman in 2013, taking over from Mr Lee Kian Soo.
Mr Lee Kian Soo had been Ezra's executive chairman until he stepped down from the role on Dec 31, 2012, in line with what Ezra had said were "long-term leadership-renewal plans" in a December 2012 bourse filing.
Mr Lee Kian Soo is Mr Lionel Lee's father.
Ezra shares fell 0.3 Singapore cent to S$0.10 on Friday.