After 2 years..rediscovered this thread, and see that a no. of pennies have fared badly in the past year or 2. What this tells me is, just make a bundle if you can, and then sell. Pennies are risky and rarely do they become blue chips of semi-blue chips. At this point, STRATECH Group seems to be a hot penny. Will it be a darling still a year from now?
Ezra said to near sale of 50% subsea business stake to Chiyoda
By Bloomberg / Bloomberg | August 27, 2015 : 4:46 PM MYT
SINGAPORE (Aug 27): Ezra Holdings, the offshore contractor and provider of integrated offshore solutions, is nearing a deal to sell about a 50% stake in its subsea business to Japan’s Chiyoda Corp., said people with knowledge of the matter.
The transaction could value the subsea business at more than US$1 billion ($1.4 billion) including debt, the people said, asking not to be identified as the information is private.
Ezra requested trading halt this morning, pending release of an announcement.
Year to date, Ezra shares have fallen 64%, giving the company a market a value of US$239 million.
A representative for Ezra didn’t answer phone calls and didn’t immediately respond to an e-mail and mobile-phone text message seeking comment.
A spokesman for Chiyoda didn’t answer a call to his office seeking comment, and a request sent to the company’s public-relations team through Chiyoda’s website wasn’t immediately replied to.
Last year, Ezra sold its offshore marine supporting operations to Oslo-listed affiliate EOC Ltd. For US$520 million last year to focus on the subsea business.
At that time, CEO Lionel Lee said Ezra was still looking to list its subsea division.
Bro See Hoe Tan says: Revenue from Subsea business about US1billion( based on FY2014 reported figures) would henceforth be de-consolidated...and Ezra's group rev could fall as much as 70%....this deal doesn't mean that the new entity is valued at a market cap of US$1.25billion ....the NTA of the new company is about US$310million....Ezra has not much choice but to go through this kind deal because
yamada green resources had a super active day. This discovery surprised me big time.
The seller who unloaded 54.066 million rights at one go....Becos 1 right was given for every 2 mother shares, this means he (or it) had 108.132 million mother shares. This no. corresponds to the stake of Global Yellow Pages, actually. But who is the buyer of the big rights dump? My guess -- SAM GOI.