Perisai ... Nov10

Sources say Ezra Holdings Ltd, is looking to increase its stake in oil and gas outfit Perisai via the injection of assets.

It is believed that Singapore based Ezra, which has 19.94% equity interest in Perisai is looking to inject up to three anchor handling tugs into the latter in return for shares.

Ezra states that it has in excess of 33 offshore support vessels with varying bhp in 2009.

If all goes as planned, the deal could be concluded by Nov 2010. It is not known how a big stake Ezra is eyeing, but it is likely that it will emerge as the single largest shareholder and control Perisai destiny.

At present, Mercury Pacific Marine Pte Ltd is the largest shareholder in Perisai with 24.59%. Singapore registered Mercuty Marine is controlled by Datuk Shahrir Abdul Jalil and Datuk Ahmad Redza Abdullah.

It is also likely that Ezra will avoid triggering a MGO, which means it will keep its shareholding below 33.3% or seek waiver from making a general offer in the event that it crosses this level.

The addition of new assts into Perisai will augur well for the company’s earnings.

For six months ended June 2010, it posted a net profit of RM11.95 million on the back of RM38 million in revenue.

With Ezra playing a more active role, it is likely Perisai fortunes could improve.

Perisai would benefit when the oil and gas upcycle occurs.

Ezra is controlled by the family of Lee Kain Soo, who collectively own more than 25% of the company’s shares base. The company acquired Norway based Aker Solutions ASA’s unit for US$250 million.

With this acquisition, Aker Solutions will have a substantial shareholding in Ezra and have board representation.

Thus with Ezra and Aker at the helm, of Perisai, there could be more business coming to Perisai’s way.