Ezra Holdings considers US listing for subsea unit
Ezra Holdings could be considering a US listing for its subsea business, reported the Business Times, citing analysts reports released in connection with last week's announced sale of its marine services unit.
One report from Deutsche Bank said the listing could occur in the US rather than Singapore.
The marine services sale announced last week is worth USD 520m, with Ezra receiving USD 150m in cash and an increase in its stake in the bidder, Oslo-listed associate EOC, to 84.6%. EOC will subsequently undertake a secondary listing on the SGX.
These initiatives are in line with recent shareholder support for Ezra to unlock additional value from its businesses, this news service reported earlier this week, citing Ezra CFO Eugene Cheng Chee Mun. In the same report, Cheng said the company now sees the bulk of its future prospects coming from its subsea business, and will focus on this area for the next three years.
Ezra engaged JP Morgan earlier this year for a strategic review of the subsea unit, including a listing in the "right location". Cheng said this week that the review is continuing, with no hurry.
Source Business Times