Rawabi to invest US$10m in Swiber's subsidiary
RAWABI Holding Company, an oil and gas conglomerate in Saudi Arabia, on Monday signed an agreement committing a US$10 million investment into a new, wholly-owned subsidiary of debt-laden offshore and marine group Swiber Holdings.
The new subsidiary will be incorporated in Singapore, and Rawabi's share will constitute approximately but no less than 80 per cent of the new company's enlarged total issued shares.
Rawabi has also committed to pursue an initial public offering of the new company's shares.
As part of the agreement, Rawabi will also invest US$190 million in Swiber's existing wholly-owned subsidiary Equatoriale Energy.
This comes six months after Swiber and Rawabi entered into a binding term sheet for a US$200 million cash investment in June 8.
Swiber shares have been suspended since 2016.
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Amazon’s Twitch starts rival to TikTok in short-form video
Pinterest revenue surges on popularity of shopping push
Binance founder Zhao Changpeng gets 4 months in prison
Tesla axes most of Supercharger team in blow to other automakers
Amazon results beat estimates, revenue forecast misses
Starbucks points to weaker consumer as profit falls