PETALING JAYA: Eversendai Corp Bhd has agreed to take over a 100% stake in Vahana Offshore (M) Sdn Bhd, a private liftboat business owned by the group’s founder and executive chairman Tan Sri AK Nathan Elumalay (pix).
Vahana Offshore owns the Vahana Aryan liftboat and Vahana Arjun – the construction of which will be completed in 2021.
Nathan, via Varhana Holdings, had offered to sell Varhana Offshore to Eversendai on Feb 10.
“Upon due deliberation, the board has resolved to accept the offer, subject to the finalisation and execution of a definitive share sale agreement in respect of the proposed transaction,” Eversendai said in a Bursa filing.
Eversendai and Vahana Holdings have also mutually agreed to extend the exclusivity period to March 31, from March 10 for the parties to finalise the terms and conditions of the proposed transaction and to execute the definitive agreement.
The indicative purchase price will be finalised following negotiations between the parties subject to the completion of due diligence.
Eversendai had said that the merger presents the opportunity for the group to acquire liftboat assets together with secured long-term charter contracts in the oil & gas industry.
source https://www.thesundaily.my/business/eversendai-agrees-to-acquire-firm-owned-by-founder-chairman-FG2109878
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