Towards Financial Freedom
DBS Equity Research: Wired Daily 22 Mar 2016
Ezra - Pledges shares in EMAS Offshore and Triyards to secure bond refinancing
Ezra announced that it has paid down its S$95m note due on 21 Mar 16, which was a key near-term refinancing event. The next maturing note is its S$150m note due in April 2018. The S$95m note paydown was financed by new secured bank borrowings of S$100m. Ezra has pledged shares in EMAS Offshore and Triyards to secure the bond refinancing. Ezra owns a 75.5% and 60.9% stake in EMAS Offshore and Triyards Holdings respectively. Ezra's share price has been quite volatile YTD in 2016. We believe that could continue until we have some more clarity at least on the completion of the Chiyoda deal (sale of 50% stake in EMAS AMC). This refinancing exercise was largely expected, though the terms are a bit unexpected. Fundamentals remain stressed for Ezra; the subsea division and OSV divisions could continue to face downside risk to earnings given the slowdown in offshore exploration and development activity.
PACC Offshore Services Holdings (POSH) has commenced legal action in the Kingdom of Saudi Arabia against Makamin Offshore to recover the total sum of approximately SAR24.4m (approximately US$6.6m) due and owing by Makamin for the charter hire of three vessels owned by the Group.
StarHub has signed a memorandum of understanding (MOU) with China Mobile International (CMI, a wholly owned subsidiary of China Mobile) to accelerate strategic collaboration. For one thing, StarHub will work with China Mobile to provide mobile customers with a "seamless crossborder user experience". StarHub will also look into other areas of collaborations such as content, cybersecurity and Internet of Things.
Keppel Corporation (via Keppel Land JV) has entered into an agreement to acquire 20% stake in QLP for c.S$20.3m. QLP is a company incorporated in Vietnam and its activities involve real estate development, particularly in Ho Chi Minh City, Vietnam. Following completion of the transaction, QLP will become an associated company of the Group.
Source: DBS
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