Swiber sells entire Kreuz stake for S$256.2m

Records a net gain of S$90.6m.

Swiber Holdings has announced that SEA9 Pte Ltd, an investment-holding company wholly-owned by The Headland Private Equity Fund 6 L.P, has proposed to acquire Swiber’s entire 57.5% stake in Kreuz Holdings for S$0.80/share, translating to a consideration of S$256.2m for Swiber, reported OCBC Investment Research.

"Due to a netting agreement in which all trade and other receivables as well as payables between Kreuz and Swiber are set-off and settled, Swiber will receive S$129.2m in cash out of its S$256.2m consideration," noted OCBC.

"The offer of S$0.80/share represents a premium of about 78.4% over Kreuz’s NAV/share as at 30 Sep, and Swiber is expected to record a net gain of about US$90.6m from this proposed disposal," it added.