Business

Oslo Stock Exchange passes resolution to delist Emas Offshore

The Oslo Stock Exchange has passed a resolution to delist Emas Offshore, a unit of Ezra Holdings and a dual-listed company in Singapore and Norway, with effect from April 27.

This was due chiefly to the company's inability to disclose financial information within the prescribed deadlines under the Oslo Stock Exchange listing rules, Emas told the Singapore Exchange late on Monday.

The offshore marine construction contractor added that it plans to make an appeal against the decision by March 5. If successful, the company will remain listed on the Oslo Stock Exchange.

Emas said that the Oslo Stock Exchange's move comes when the group's restructuring exercise has made significant progress.

Emas and its wholly owned subsidiaries on Feb 15 obtained leave from the Singapore High Court to convene their respective creditors' meeting to consider a proposed scheme of arrangement. This was with the support of the group's principal bank lenders for the restructuring plan based on a term sheet with BT Investment (BTI), Emas said.

Emas in December entered into a revised term sheet with BTI, a wholly owned unit of Baker Technology. In September, BTI was named as one of two investors to have pledged a combined US$50 million (S$66 million) equity injection.

In its Monday announcement, Emas said that its restructuring proposal has obtained "initial expressions of support" from some of the largest secured creditors of the group." The company now has a real prospect of a return to viability, and the Oslo Stock Exchange's decision is detrimental to these intensive ongoing restructuring efforts and hence not in the interest of the company's shareholders," it said.

Trading of Emas shares on the Singapore and Oslo bourses has been suspended since March last year.

BUSINESS & FINANCE