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PeakBayou acquires majority stake in Singapore-listed Gaylin for S$68m

MAINBOARD-LISTED rigging solutions company Gaylin Holdings said on Monday that investment holding company PeakBayou has acquired a majority stake in the company for some S$68 million.

PeakBayou, a wholly-owned unit of private equity fund, ShawKwei Asia Value Fund 2017, has agreed to subscribe for some 1.36 billion new ordinary shares in Gaylin at S$0.05 apiece.

The subscription would represent about 75.64 per cent of the enlarged share capital of Gaylin.

Gaylin said it would use the proceeds entirely for general working purposes and to strengthen its capital base.

ShawKwei Asia Value Fund 2017 is managed by ShawKwei & Partners, a private equity fund manager investing in middle-market manufacturing and services companies across Asia.

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