Ezra in move to make Oslo unit a major Asia-Pacific player

EZRA Holdings has unveiled plans to consolidate its offshore support services division, EMAS Marine, into its Oslo-listed associated company, EOC Ltd, and for the enlarged EOC group to seek a secondary listing in Singapore.

The proposed move, on a consideration of US$520 million, is aimed at capturing increased demand in the offshore support services market, and at gaining greater access to Asian investor interest in the sector. Ezra will receive US$150 million in cash and US$370 million in the form of about 280.1 million new EOC shares, based on the issue price of 8.18 Norwegian kroner per new share.

Completion of the transaction will raise Ezra's stake in EOC from about 45.7 per cent to approximately 84.6 per cent.