Voultier finalizes the acquisition of 51% of shares in EA Technique

KUALA LUMPUR (June 27): Voultier Sdn Bhd, a company 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) .

Stock exchange filings on Thursday show that Voultier now owns a majority stake in the maritime transport and offshore storage services group after subscribing for 676.39 million shares through a share issue, which was part of EA Tech’s normalization plan to taking into account Practice Note 17 (PN17). status.

According to EA Tech, Voultier does not intend to present a mandatory general offer and is seeking an exemption from this obligation. VSB is owned by Mubarak with 70% of the shares and Lai with 30%. The duo sits on the board of Kinergy Advancement Bhd (KL:KAB).

The issue of up to 795.75 million shares, representing 60% of the increased share capital of EA Tech, marks the completion of the group’s normalization plan.

The subscription price of 10 sen per share represented a 71% discount from EA Tech’s closing price of 34.5 sen on Thursday. At the current price, EA Tech is valued at RM183.02 million.

Following the completion of the share issue, Johor Corp becomes the group’s second largest shareholder with 21% indirect ownership, of which 20% is held by Sindora Bhd and 1% by Kulim (Malaysia) Bhd.

The bulk of the proceeds raised of RM79.58 million through the share issue will be used to settle the balance due to the scheme’s creditors and fund the company’s working capital.

EA Tech was granted PN17 status in 2022 after its shareholders’ equity declined to RM5.96 million as at Dec 31, 2021, which was less than 25% of its share capital of RM179.76 million.

EA Tech is primarily engaged in maritime transport and storage of oil and gas at sea, as well as the provision of maritime port services.

For the first quarter ended March 31, 2024, the group’s net profit fell 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 expiry of the floating, storage and offloading vessel contract.