Yinson white knight for Singapore’s Ezion, to take up its US$916m debts

TheStar Mon, Apr 01, 2019 09:19am - 4 years View Original


KUALA LUMPUR: Yinson Holdings Bhd has appeared to be the white knight for Singapore’s troubled  Ezion Holdings Limited by planning to take up US$916mil of the latter's existing loans.

Trading in Yinson was suspended for one hour until 10am on Monday after it issued the statement to Bursa Malaysia.

   
Its unit Yinson Eden Pte Ltd is in advanced stage of discussions with certain lenders including major secured lenders of Ezion to acquire the benefits and rights of up to US$916mil of the existing loans extended to the group.

Yinson had entered into a conditional debt conversion for the proposed debt conversion and subscription.

It also inked a conditional option agreement for the grant of 3.36  billion unlisted and freely transferable share options in Ezion. Each of the options carry the right to subscribe for one new ordinary share in Ezion at the exercise price 6.05 Singapore cents each.

According to Yinson, EHL group develops, owns, and charters offshore assets to support the offshore energy markets in Singapore and internationally. 

Ezion’s core businesses are liftboats; jack-up rigs; offshore support logistics and assets or investments involved in renewable energy and other oil and gas related industry. 

“The Ezion group is in a net liability position. Based on the unaudited results for FYE Dec 31,  2018, the Ezion has net liabilities of US$254.8mil and net loss for the year of US$344.3mil,” it said.

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