Singapore: Offshore marine supply and logistics firm Sinwa has agreed to acquire 70% stake in Rapid Offshore & Marine for S$12.25m ($9.45m). The first payment of S$7.35m will be made through via a mix of a share issue and cash. "The acquisition of Rapid is in line with Sinwa's vision to offer a full range of HVAC&R (heating, ventilation, air-conditioning and refrigeration) and integrated mechanical and electrical services, engineering and related services to the offshore and marine industry," said Mike Sim, executive chairman and ceo of Sinwa. Singapore-listed Sinwa claimed that the acquisition would significantly contribute to its future earnings. An option exists for Rapid to sell the remaining 30% of the company to Sinwa, or for Sinwa to make total acquisition. The option is to be exercised within six months from 31 December 2014. [07/01/11] Copyright © 2024. All rights reserved. Seatrade, a trading name of Informa Markets (UK) Limited. Add Seatrade Maritime News to your Google News feed.
Sinwa buys 70% of Rapid for $9.45m
