Prosper Excel Engineering is in the business of ship management of offshore support vessels including tugs and barges, anchor-handling tugs, anchor-handling supply tugs and multi-purpose vessels. It also does marine engineering involving shipbuilding and ship repairs, oil waste recycling and tank cleaning, as well as steel fabrication and other marine infrastructure works that service the offshore & marine (O&M) sector.
Jasper Investments has agreed to acquire a 51% stake – or 51,000 shares – in Prosper Excel Engineering for $7.5 million. The company signed a sale and purchase agreement (SPA) with Johnny Lian Tian Yong for the sale and purchase of the shares on June 25.
Of the consideration amount, $5 million will be paid in cash while $2.5 million will be paid via the issuance and allotment of 1.67 billion shares in Jasper Investments (SGX:FQ7
) at an issue price of 0.15 cents each. Upon the completion of the transaction, Lian’s shares will comprise 27.68% of Jasper Investments’ enlarged issued and paid-up share capital.
