Ezra poised to nab EMAS Offshore’s Perisai shares for US$56m

It’s a 500% premium compared to current listing price.

Ezra is set to acquire EMAS Offshore’s 12.13% stake in Malaysian-based upstream oil & gas provider Perisai Petroleum Teknologi, according to a news release by EMAS Offshore.

Currently, Ezra owns 11.5% of Perisai shares through Ezra’s subsidiary HCM Logistics.

Upon the completion of Ezra’s acquisition of EMAS Offshore’s shares, Ezra and HCM Logistics will indirectly and directly own a total of 20.6% in Perisai.

Based on its listing price, the current value of EMAS Offshore’s 9.1% stake in Perisai is around US$11m. The agreed price for the shares is US$56m, reflecting a whopping 500% premium.

“EMAS has until 31 December 2016 to sell its stake to Ezra, subject to entering into definitive agreement,” stated the news release.