Jaya to sell subsidiaries to Mermaid Marine Australia

Jaya Holdings Ltd. has agreed to sell the entire issued and paid-up share capital of all its subsidiaries to Mermaid Marine Australia Ltd. for S$625 million ($494 million).

Offshore staff

SINGAPOREJaya Holdings Ltd. has agreed to sell the entire issued and paid-up share capital of all its subsidiaries to Mermaid Marine Australia Ltd. for S$625 million ($494 million). The companies included in the sale represent materially all of Jaya’s business.

Following completion of the proposed transaction, the company intends to distribute a portion of the purchase consideration to shareholders by way of a cash dividend. Subsequently, the board will consider options available to the company.

02/25/2014

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