EZRA Holdings has agreed to buy subsidiary EMAS Offshore's entire 12.13 per cent stake in Malaysia-listed Perisai Petroleum Teknologi for US$56 million, a 500 per cent premium to the shares' market value, EMAS announced late Wednesday.
EMAS said its stake in Perisai is worth US$11 million based on market prices. The agreed price of US$56 million is based on the cost of EMAS's investment at inception. EMAS, an offshore contractor, will use the proceeds of the sale to pay debt.
Perisai owns 15 oil and gas vessels and facilities supporting the offshore oil and gas industry.
Ezra is also an offshore contractor.