Shares of Singapore’s Ezra Holdings gained as much as 2.3% as traders hoped they could benefit from the upcoming listing of the company’s engineering and fabrication unit on the Singapore Exchange.
Ezra shares rose as high as $1.10 and were among the top traded stocks by value in the Singapore market on Tuesday. The stock has risen about 30% so far this year versus the 22% gain in the FT ST Mid Cap Index.
Ezra proposed to distribute up to 107.2 million shares in TRIYARDS Holdings, on the basis of one TRIYARDS share for every 10 Ezra shares. Ezra will retain a majority control of 67% in TRIYARDS.
Lionel Lee, Ezra’s managing director, said at a media briefing on Monday that TRIYARDS is expected to list in October and the company is eyeing areas such as ship repair, aluminium
fabrication and marine equipment.
“In the next 24 months, there will be a lot of growth opportunities for the acquisitions of new business lines or acquisitions of additional yards. The market just presents itself to us,” Lee said.
TRIYARDS, which has two yard facilities in Vietnam and one in the United States, is also looking to enter the Brazil and Australia markets, Lee said.
No comments:
Post a Comment