Drew & Napier is acted for Swissco Holdings Limited, in relation to its proposed acquisition of Scott and English Energy Pte. Ltd., a fast-growing international rig owner, for a purchase consideration of S$285 million to be satisfied by the allotment and issue of shares in Swissco Holdings Limited.
The transaction constitutes a very substantial acquisition under Chapter 10 of the Listing Manual, and an interested person transaction under Chapter 9 of the Listing Manual. The deal is akin to a reverse takeover save that there is no change of control. Swissco Holdings Limited will, as a result of the proposed acquisition, expand upstream into the offshore rig chartering business.
Swissco Holdings Limited is a leading marine service provider for shipping and offshore oil and gas industries listed on the Mainboard of the SGX-ST. The completion of the proposed acquisition took place on 30 July 2014.
Director Lam Shiao Ning, Associate Director Tan Mei Hui, Senior Associate Justin Chan and Associate Brent Huang led the transaction.
