(EnergyAsia, October 3 2012, Wednesday) — Offshore and marine services provider Atlantic Navigation Holdings has listed on Singapore’s Catalist exchange under the stock code of “5UL” with a market value of just under S$165 million (US$1=S$1.23).
The company was acquired by Fastube Limited for S$146 million through a shares issue, and renamed Atlantic Navigation, said Singapore Exchange, the owner of Catalist.
Atlantic Navigation placed out 17 million shares to new investors at S$0.64 apiece, raising S$10.88 million, with net proceeds to be used for expansion of its fleet and general working capital.
Established in the UAE in 1997, the company provides marine logistics services, ship repair and maintenance services to the marine, oil and gas sectors in the Middle East. It also provides afloat and drydock repair and maintenance services to customers in the shipping industry from its workshop facility in the UAE’s Hamariyah Free Zone. The company also owns and operates its own fleet of 13 marine logistics vessels.
Bill Wong, chairman and CEO of Atlantic Navigation, said: “We are proud to achieve the milestone of listing on SGX Catalist and view the listing as a strong platform to execute our growth strategy.
“The listing will open up opportunities in Southeast Asia for Atlantic Navigation and also lead to business alliances in the region to expand our service and product offerings in our core Middle East markets.”
Lawrence Wong, SGX’s Head of Listings, said: “We are pleased that Atlantic Navigation has chosen to list on Catalist for its expansion in South East Asia, building on its strength in Middle East. The listing adds to SGX’s Maritime and Offshore Services sector and adds to investment choices for our global investor base.”
Including Atlantic Navigation, Catalist now counts 45 marine and offshore services companies with a total market capitalisation S$56 billion among its total listings of 140.