EMS Energy executes deal to inject shipyard business

Singapore

CATALIST-LISTED offshore and marine engineering company EMS Energy on Thursday said it has executed a definitive sale and purchase agreement to acquire a 52.76 per cent stake in Vietnamese shipyard, Nosco Shipyard Joint Stock Company.

With this deal, the firm intends to diversify into the business of ship repair, module construction and shipbuilding. As this represents a diversification of its existing business and a change in risk profile, EMS intends to seek shareholders' approval at an extraordinary general meeting (EGM) to be convened, it said.