Towards Financial Freedom
Ezion buys stake in JK Tech
Ezion announced that it will be buying a stake in JK Tech (JKTH SP, NR) with the intention to introduce opportunities in oil and gas exploration & production (E&P) businesses to JK Tech. JK Tech will issue 42mshares at SGD0.09 per share to Ezion with an option for anadditional 260m shares at the same price. JK Tech is also simultaneously performing a placement of 19.96m shares at SGD0.135 per share. Ezion will satisfy the first SGD3.78m consideration via an issue of 1.85m shares at SGD2.0445 per share, and it will become the majority shareholder of JK Tech with a 64.8% stake after both transactions. If the deal goes through, Ezion will be diversifying its business from liftboats into upstream E&P. We currently have a BUY recommendation on Ezion with a SGD3.00 TP.
Source: OSK-DMG
Source: OSK-DMG
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