KUALA LUMPUR (June 27): Voultier Sdn Bhd, a firm controlled by businessmen Datuk Wira Mubarak Hussain Akhtar Husni and Datuk Lai Keng Onn, has completed the acquisition of a 51% stake in financially troubled EA Technique (M) Bhd (KL:EATECH).
Bourse filings on Thursday showed that Voultier now owns the majority stake in the marine transportation and offshore storage services group after subscribing for 676.39 million shares through a share issuance exercise, which was part of EA Tech’s regularisation plan to address its Practice Note 17 (PN17) status.
Voultier does not intend to undertake a mandatory general offer and is seeking an exemption from the obligation to do so, according to EA Tech. Voultier is 70%-owned by Mubarak, while Lai owns 30%. The duo are on the board of Kinergy Advancement Bhd (KL:KAB).
The share issuance, involving up to 795.75 million shares and representing 60% of EA Tech's enlarged share capital, marks the completion of the group’s regularisation plan.
The subscription price of 10 sen per share represented a 71% discount compared to EA Tech’s closing price of 34.5 sen on Thursday. At its current price, EA Tech is valued at RM183.02 million.
On completion of the share issuance, Johor Corp becomes the group's second-largest shareholder with a 21% stake, held via Sindora Bhd and Kulim (Malaysia) Bhd.
The bulk of the proceeds raised — amounting to RM79.58 million — will be used to settle the balance due to scheme creditors and finance its working capital.
EA Tech fell into PN17 status in 2022 after its shareholders’ equity dropped to RM5.96 million as of Dec 31, 2021, which was less than 25% of its share capital of RM179.76 million.
EA Tech is primarily involved in the business of marine transportation and offshore storage of oil and gas, as well as the provision of port marine services.
For the first quarter ended on March 31, 2024, the group’s net profit was down 8% to RM6.89 million from RM7.49 million a year earlier. Quarterly revenue fell 9% to RM31.2 million from RM34.31 million, due to the contract expiry for its floating, storage and offloading vessel.