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Hot Stock: Ezion gains on plans to buy out JV partner, assets
SHARES of Ezion Holdings rose on Tuesday after the operator of service rigs for the oil and gas industry said it plans to take full control of existing joint ventures previously held with a unit of Swissco Holdings, and to acquire assets held within one such joint venture for more than US$60 million.
The stock rose one cent to S$0.34, as at 11.36am. Nearly 10 million shares changed hands. It was among the most actively stocks on Tuesday morning.
This comes as the joint venture firms have not been able to meet their obligations due, in part, to the financial situation faced by Swissco's unit, Ezion said. Swissco is currently under judicial management.