Struggling Singapore-based rig owner Jasper Investments said on 21 September that it will be acquired by compatriot investment holding company Triton Investments.
Triton, together with another investment holding company, Polaris Nine LLP, have bought 80.77% of Jasper.
Triton and Polaris Nine paid just SGD1.25 million (USD899,487) or SGD0.004 per share for the stake, representing a 93.33% discount over the last traded price of SGD0.006 per share.
Triton’s sole shareholder, Steven Simpson, described as a veteran in the oil and gas industry, has asked to become Jasper’s chairman once the takeover is complete.
Triton and Polaris Nine plan to keep Jasper listed on the Singapore Exchange. They said they have identified new opportunities relating to barge transportation services tied to infrastructural works in North Asia.
To meet Jasper’s working capital needs, its new owners are offering a USD870,000 loan, subject to annual interest of 9%.