EMS Energy up 8.7% on merger plans with Koastal Group

Singapore

SHARES of offshore & marine service provider, EMS Energy, surged on Monday, after it announced plans to merge with engineering, procurement and construction management firm, Koastal Group, for S$150 million. The deal is set to diversify EMS's earnings base and transform the enlarged group into an integrated offshore & marine player.

On Monday, the counter of Catalist-listed EMS gained 0.2 Singapore cents, or 8.7 per cent, and closed trading at S$0.025, with about 10.22 million shares switching hands.