Eversendai buys liftboat firm Vahana from founder for RM235mil 

  • Corporate News
  • Tuesday, 30 Jun 2020

KUALA LUMPUR: Eversendai Corp Bhd has agreed to acquire a liftboat business from its founder Tan Sri Nathan Elumalay for RM235mil.

Eversendai will issue 770.5 million new redeemable convertible preference shares (RCPS) at 30.5 sen each to pay for the entire 100% stake in Vahana Offshore (M) Sdn Bhd.

"The Proposed Acquisition will provide the Eversendai Group with the opportunity to own and operate the liftboats Vahana Aryan and Vahana Arjun," it said in a filing with Bursa Malaysia today.

The acquisition, it said, serve to provide the enlarged Eversendai Group with a source of recurring income.

Eversendai said the Vahana has secured a master framework charter party agreement with Zamil Offshore Services Company for the time chartering of Vahana Aryan and Vahana Arjun for the exclusive use by Saudi Aramco.

The company expects Vahana to contribute more than 25% to its annual profit.

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