Singapore

OFFSHORE and marine engineering company EMS Energy has entered into a binding memorandum of understanding (MOU) to acquire a 52.76 per cent stake in Vietnamese shipyard Nosco Shipyard Joint Stock Company for an expected S$16.6 million in shares.

The Nosco stake is being sold by NVS Holdings, a company controlled by EMS chairman and chief executive Ting Teck Jin and Vietnam investment firm Claymore Investment Co; and by Son Truong Co, a family-owned Vietnamese construction company. The remaining 47.24 per cent interest in Nosco will remain in the hands of parties unrelated to the vendors.