Eversendai to buy liftboat operator Vahana

first_imgVahana Arjun is currently under construction and is targeted to be completed by the end of June 2021. Currently, Vahana owns two liftboats, Vahana Aryan and Vahana Arjun. The RCPS will have a tenure of 10 years with a cumulative preferential dividend of 3 per cent per annum, payable only upon Vahana achieving a consolidated net profit after tax for the relevant financial year. Eversendai said on Wednesday that the price would be fully satisfied via the issuance of 770,491,803 new redeemable convertible preference shares (RCPS) in Eversendai at an issue price of RM0.305 after Eversendai had entered into a conditional share sale agreement with Vahana Offshore on 30 June 2020. The proposed acquisition will also resolve the existing cross borrowings and related party transactions involving Vahana and Eversendai. Vahana and its subsidiaries are principally involved in ownership, operations, chartering and management of self-propelled jack-up barges/liftboats. Vahana has secured a long-term time charter contract for Vahana Aryan with Zamil Offshore for Saudi Aramco and has also secured a similar contract with Zamil Offshore for Vahana Arjun. center_img The liftboats are used for maintenance, workover, well-service activities, hook-up, commissioning and decommissioning of offshore platforms in the oil and gas industry. The RCPS is convertible into Eversendai ordinary shares at a conversion ratio of 2 RCPS to 1 ordinary share equivalent to an implied conversion price of RM0.61. The RCPS will not be listed, quoted and traded on Bursa Securities or any other stock exchange. Malaysia’s engineering company Eversendai has decided to acquire a 100 per cent equity interest in service provider Vahana Offshore and its subsidiaries for a purchase consideration price of RM235 million ($54.8 million). Tan Sri Dato’ A K Nathan, Executive Chairman and Group Managing Director of Eversendai Corporation Berhad, believes that the proposed acquisition will provide Eversendai with the opportunity to own and operate Vahana Aryan and Vahana Arjun providing the enlarged Eversendai group with an additional source of consistent recurring income to enhance its revenue and profits. The liftboats could also be used for the installation and maintenance in the offshore wind renewable energy sector.last_img read more

"Eversendai to buy liftboat operator Vahana"

Italy arrests Moroccans for inciting hatred of Pope

first_img Share Magdi Allam (left) was baptised in 2008Six Moroccan men have been arrested in northern Italy on suspicion of seeking to incite hatred of Pope Benedict among Muslims.Police in the city of Brescia said the suspects had allegedly banded together to stir up religious hatred.A note was found calling for the Pope to be punished for converting a Muslim journalist to Roman Catholicism.According to another source, the suspects are not suspected of planning attacks.Five of the men, who are all Brescia residents, were placed under house arrest while the sixth was taken into custody.The note found by police urges Muslim immigrants not to integrate into Italian society, Italian media report. Police said the six were accused of “setting up a group that aimed to incite discrimination, racial and religious hatred, violence and jihad against Christians and Jews”.The Pope was condemned for converting Egyptian-born Magdi Allam, a former columnist for Italian daily Corriere della Sera.Mr Allam, an outspoken critic of Muslim militancy and strong supporter of Israel, was baptised by the Pope in March 2008. Tweet Share Sharing is caring! News Italy arrests Moroccans for inciting hatred of Pope by: – February 25, 2011 24 Views   no discussions BBC News Sharelast_img read more

"Italy arrests Moroccans for inciting hatred of Pope"

Martinez hails Barry influence

first_img “I think we have enough experience to do that but obviously Gareth has been very influential and it seems he has been at Everton for a long time – that is how comfortable he looks with the team.” Martinez watched City get taken apart by European champions Bayern Munich in midweek with some admiration. However, he does not think it will have any effect on their game against Manuel Pellegrini’s side. “Bayern are European champions for a reason and they have gone to the next level now,” he said. “For anyone who plays against Bayern it is going to be the biggest football test at club level and you have to admire the way they are playing. “They are taking possession football into a new degree and I thought they were magnificent. “There is never a good or bad time because when you play a top side you know they are going to be ready on the day, they have a really good squad and can make changes and refresh it if they need to. “We know we will have to be at our best but we will embrace that challenge, and we look forward to facing Man City in their own backyard because, in my eyes, they are title challengers this season. “We need to look to ourselves. Only the best can be a good enough performance against Manchester City.” The fixture is the first time Martinez has faced City since beating them in the FA Cup final with his Wigan underdogs, but he does not expect to reference that game in his pre-match planning. “In many ways it is very different because you have a different manager with different ideas and different players. But then, in the same way, you have a lot of the important players who have been at the club for a long while and that means there will be similarities,” he said. “It is a completely different way of playing and, in that respect, it is going to be a different side.” Barry has slotted seamlessly into the Toffees’ midfield since his loan move late in the transfer window, but he is ineligible to play against his parent club at the the Etihad Stadium. It is a match when the former England international’s vast experience would have been in demand, but Martinez is keen to focus on the positives and how the Barry effect has filtered out to the rest of the squad, particularly the impressionable youngsters. “There has been a lot of talk about his 500 appearances in the Premier League (chalked up in Monday’s win over Newcastle) which is an incredible stat and shows the experience he has,” said the Spaniard. “But the way he is as a human being is an incredible influence for players like James McCarthy, Ross Barkley up to a point – players who can look up to someone who has been through many experiences and can give some sort of calm influence. “On the pitch I thought James McCarthy developed a good chemistry with Gareth. “In the second half against West Ham he did that straight away and he grew even bigger against Newcastle. “Players like James and Ross are going to get stronger and better and learn so quickly from someone like Gareth – he adds to the development of our youngsters, which is invaluable really. “I was always aware (of his ineligibility against City) so we need to accept it will be a period when he can recover, have a breather and get ready for the next game. “What matters is not that you are going to miss with Gareth, it is the opposite: (it is) what he is bringing already and the influence he has had in the dressing room and the games and how excited we are to have him for the rest of the season. “It will be a great opportunity for someone else and I think as a team you welcome those opportunities. The calming presence of Gareth Barry may be missing against Manchester City but his influence has already rubbed off on team-mates, according to Everton manager Roberto Martinez. Press Associationlast_img read more

"Martinez hails Barry influence"