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Ezion Holdings sells shares worth $194m to Hong Leong units

Published on Apr 16, 2014 2:47 PM

SINGAPORE (Reuters) - Singapore-listed Ezion Holdings, which supplies support vessels for offshore oil fields, said it plans to sell shares to two firms in Malaysia's Hong Leong Group, raising US$155 million (S$194 million) to help expand its fleet.

The capital raising follows news this month of an up to US$380 million planned initial public offering (IPO) in Singapore by PACC Offshore Services Holdings (POSH), an operator of maritime support vessels controlled by Malaysia's richest man Robert Kuok.

Ezion issued 100 new million shares at $1.94 per share, an 8.9 per cent discount to Tuesday's closing price.

Asia Fountain Investment Company Limited and GuoLine Capital Limited, both subsidiaries of Hong Leong Company (Malaysia) Berhad, each subscribed to 50 million shares. Hong Leong Company (Malaysia) Berhad is the holding company of Hong Leong Financial Group Bhd.

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