Jasper Investments to acquire 51% stake in Prosper Excel Engineering

The company will acquire the stake for $7.5m.

Jasper Investments Limited entered into a sale and purchase agreement with Johnny Lian Tian Yong to acquire a stake in Prosper Excel Engineering Pte. Ltd. for $7.5m.

In a bourse filing, Jasper Investments said the acquisition involves the purchase of 51,000 ordinary shares, which is 51% of the issued and paid-up share capital of Prosper Excel Engineering.

Of the total amount, Jasper Investments will pay $5m in cash and the remaining S$2.5m through the issuance of 1,666,666,667 new ordinary shares priced at $0.0015 each.

Jasper Investments will fund the acquisition by proceeds of the fundraising exercise undertaken by the company.

Lian’s consideration shares will comprise 27.68% of the enlarged issued and paid-up share capital of Jasper Investments following the completion of the proposed acquisition.

“This proposed strategic investment is aligned with the group’s focus and commitment to grow and expand its core businesses in the marine and offshore industry involving the acquisition, operation and management of maritime assets that are immediately accretive (both revenue and profits) to the group,” Jasper Investments said. 

Prosper Excel Engineering is a private company incorporated in Singapore on 10 December 2015 with an issued and paid-up share capital of $100,000 comprising 100,000 ordinary shares.

It is in the business of ship management of offshore support vessels, including tugs and barges, anchor handling tugs, anchor handling supply tugs, and multi-purpose vessels.

It is also into marine engineering involving shipbuilding and ship repairs, oil waste recycling and tank cleaning, steel fabrication and other marine infrastructure work servicing the marine and offshore sectors.

Early this month, Jasper Investments secured more than $9m from strategic investors to drive innovation in the maritime sector.