June 17, 2010 20:35 PM
KUALA LUMPUR, June 17 (Bernama) -- Ekuiti Nasional Berhad (Ekuinas), the government-linked private equity fund management company, has entered into two agreements to acquire a 20 per cent stake in Tanjung Offshore Bhd for RM73.4 million.
It said the transaction involved the execution of a subscription agreement with Tanjung Offshore, one of Malaysia's emerging oil and gas total solutions provider, to subscribe to 26 million new shares of the company under a special share placement exercise.
Ekuinas said, in a statement today, that it also involved the acquisition of another 30.5 million existing shares, via a share sale agreement, with Tanjung Offshore's co-founder and former Executive Director Haji Abdullah bin Hashim and his affiliates.
Both transactions would be undertaken at RM1.30 per share and result in Ekuinas owning a 20 per cent stake of the enlarged capital in the company.
The transaction is primarily conditional upon the shareholders of Tanjung Offshore approving the share placement exercise to Ekuinas at an extraordinary general meeting to be held tentatively in the third week of July.
Meanwhile, Tanjung Offshore said, in a filing to Bursa, said the proposed private placement would also enable the company to raise funds to pare down its outstanding bank borrowings and finance its working capital requirements.
-- BERNAMA
http://bernama.com.my/bernama/v5/newsbusiness.php?id=506843
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