Ezion Holdings said Tuesday Yinson Holdings’ offer to subscribe to Ezion’s shares and convert its debt into equity has lapsed, with conditions for the deal unmet six months after the agreement was made.
Both Ezion and Yinson have decided not to extend the long-stop date, the troubled Singapore lift-boat operator said in a filing to SGX.
“Notwithstanding, the company remains in discussions with the subscriber, as well as the designated lenders, to explore possible ways to move forward,” Ezion said.
Under the proposed deal, offshore oil and gas services provider Yinson held talks to take over US$916 million of Ezion’s debts from its lenders, with the debt to be converted into equity, which would have given the Malaysia-listed company an 85.9 percent Ezion stake.
Yinson’s indirect wholly owned subsidiary Yinson Eden would then have capitalized the debt in exchange for 22.57 billion Ezion shares at S$0.055 each and a proposed grant of 3.36 billion options for S$1.00.
Yinson Holdings is a Malaysian integrated offshore production and support services provider, offering chartering services and vessel management. It is the sixth largest independent floating production storage and offloading (FPSO) leasing company globally, with a presence in the Malaysian, Vietnamese, Singapore, Norwegian, U.S. and African markets.
