Singapore Stock Market News
Swiber's disposal of Kreuz
StockFanatic
Publish date: Thu, 07 Nov 2013, 01:10 PM
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We have not been able to contact Swiber's management yet, but here is summary of Swiber's disposal of Kreuz and our preliminary thoughts on it:
Disposing entire stake in Kreuz for S$256.2m
Swiber Holdings announced last evening that SEA9 Pte Ltd, an investment-holding company wholly-owned by The Headland Private Equity Fund 6 L.P, has proposed to acquire Swiber's entire 57.5% stake in Kreuz Holdings for S$0.80/share, translating to a consideration of S$256.2m for Swiber. Due to a netting agreement in which all trade and other receivables as well as payables between Kreuz and Swiber are set-off and settled, Swiber will receive S$129.2m in cash out of its S$256.2m consideration. This translates to ~S$0.21/share in cash.
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