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Rig equipment maker Gaylin plans to buy chairman's associated O&G firm
THE maker of rigging and lifting equipment used by oil and gas (O&G) operators Gaylin Holdings on Monday said it plans to acquire Amos International Holdings - a logistics services company that works with maritime fleet and offshore O&G operators - from a company linked to its controlling shareholder.
The plans were inked through a non-binding letter of intent with Lighthouse Logistics Ltd and one Danny Lien, with the acquisition sum yet to be determined. Lighthouse Logistics, which holds about 70 per cent of Amos International, is an associate of Kyle Shaw, the executive chairman and deemed controlling shareholder of Gaylin.
Mr Lien holds another 27.6 per cent stake in Amos International, which has operations in Singapore, Shanghai and Hong Kong.
This major transaction, which also involves an "interested person", will require Gaylin shareholders' approval under listing rules.