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Ezra lines up rescue plan with Asia Fund Space

It will seek approvals from the courts in the US and in Singapore for the agreed reorganisation plan with AFS

Published Thu, Mar 1, 2018 · 09:50 PM

Singapore

DISTRESSED offshore and marine (O&M) group Ezra Holdings has entered into a binding proposal with Asia Fund Space (HK) Ltd (AFS) that will see existing assets spun off under a separate trust and the possible injection of one or more new businesses into the Singapore-listed company.

Asia Fund Space, a financial consultancy specialist, will also invest S$1 million into the reorganised Ezra in exchange for 92 per cent of its enlarged share capital. The combined stake to be held by existing shareholder…