Cashing in: Scomi seeks buyers for offshore service company
Scomi seeks buyers for CH Offshore
Scomi Marine is seeking buyers for its 29% stake in Singapore-based offshore oil and gas service provider CH Offshore.
The Malaysian tug and barge company has appointed an investment bank in Singapore to source and evaluate potential buyers for its share in CH Offshore, reported Malaysia’s Business Times.
The group is the single largest shareholder in CH Offshore, which has a net cash position of $26.8 million. It is understood that its holding cost in the outfit is about S$0.40 (US$0.28) per share, while the stock is trading around S$0.60.
Scomi had bought into the company in 2005 in a deal brokered by BNP Paribas.