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Publish Date : 16-Feb-2012

Ezion Holdings Limited on Wednesday said it has signed a term sheet with a group of investors to sell its entire stake in wholly-owned subsidiary, Teras Conquest 4 Pte Ltd, for US$25 million.

Teras Conquest is an asset holding company that owns one unit of Liftboat.

Ezion said the divestment will enable it to reduce its gearing and improve cash flow.

The company expects to sign a share purchase agreement to complete the transaction by the first quarter of 2012.

After the divestment, Ezion will bareboat the Liftboat back from Teras Conquest 4 for six years in order for the group to fulfill its contractual obligations to its customers.

The divestment is expected to have a positive material impact on the group\'s earnings per share for the financial year ending December 31, 2012.

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