The Board of Directors of Ezion Holdings Limited (the “Company” or “Group”) is pleased to
announce that the Company has entered into a joint venture agreement (“JV Agreement”) with
BBC Chartering & Logistic GmbH & Co. KG (“BBC”), a company incorporated in Germany for
the joint ownership of a vessel.
BBC is a Germany based specialized shipping company with a fleet of 140 vessels. It has a
long history of service to the Oil & Gas industry and is one of the largest carriers of windmills,
project cargoes, drilling and line pipe in the world. BBC has significant experience in carrying
military cargoes for the United States of America, United Kingdom and Germany militaries as
well as the United Nation peacekeeping forces.
Pursuant to the JV Agreement, a joint venture company known as “Teras BBC Houston (BVI)
Limited” (“Teras BBC” or “JV Company”) has been established in the British Virgin Islands.
Teras BBC will have an issued and paid up capital of USD100,000.00 and is owned equally
between the Company and its joint venture partner, BBC.
The JV Company has chartered the vessel to BBC for an approximate value of USD 28 million
over a 6-year period. The vessel will be used mainly for the haulage of cargos that are required
by the Oil & Gas industry in Australia and Papua New Guinea from the United States of America.
The abovementioned charter contract is however not expected to have a material impact on the
Group’s earnings per share or net tangible assets per share for the financial year ending 31st
December 2010.
None of the Directors or substantial shareholders of the Company, has any interest, directly or
indirectly, in the abovementioned transactions, save for their shareholdings in the Company.
No comments:
Post a Comment