Swiber/Kruez: Kreuz Holdings is selling new shares and two existing shareholders are selling shares for up to $34.5m in a placement, according to a term sheet seen by Reuters.
Offshore services firm Swiber Holdings will sell 33m of its shares in Kreuz, while Kurush Contractor (CEO of Kruez) will sell 17m of its shares at between $0.34 and $0.345, the term sheet said. (So total vendor shares placedout is at 50m vendor shares, while new placement shares issued would be approximately another 50m too)
DBS Bank and Religare Capital Markets are the joint placement agent. Based on Swiber current shareholdings, sale of its Vendor shares in Kruez would reduce Swiber’s stake to 50.6% from current 63.2% in the new share base capital of Kruez.
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