EOC Limited agreed to acquire 50% of the entire issued share capital of Lewek Antares Shipping Pte. Ltd. (the "Target"), a company incorporated under the laws of Singapore, from Konquest Marine Pte Ltd (KMPL). Completion of the Acquisition shall take place on or around 28 August 2014.
Prior to the Acquisition, the Target was jointly owned by KMPL and Ezra Holdings Limited (Ezra), the largest shareholder of the Company, in a 50-50 proportion. Upon completion of the Acquisition and post completion of the Proposed Business Combination (as referenced in the stock exchange release by the Company on 10 July 2014, and the announcement made on 7 August 2014 in respect of the publication of the shareholder circular dated 7 August 2014), the Target shall be 100%-owned by the enlarged EOC Group.