Ezion plans restructuring to buy 45% stake in Ocean Sky

OFFSHORE marine group Ezion Holdings (Ezion) yesterday announced a restructuring and expansion plan as it tabled a bid to buy 45.15 per cent of the enlarged share capital of mainboard-listed Ocean Sky International (Ocean Sky).

As part of the move, Ezion will also inject its marine supply base business in Australia, Ezion Offshore Logistics Hub (Tiwi), into Ocean Sky, which is an investment holding company with interests in the civil engineering and construction business, as well as the property investment and property management business.

Ezion has proposed to subscribe for 440 million new ordinary shares in the capital of Ocean Sky at the issue price of S$0.108 per subscription share, to be satisfied by the allotment and issuance of 20.21 million new Ezion shares to Ocean Sky.