Baker Technology Buys Stake in CH Offshore

Oil and gas equipment supplier Baker Technology on Thursday made a mandatory unconditional cash offer for all the shares in CH Offshore, a vessel chartering firm.

"BT Investment (BTI), a direct wholly-owned subsidiary Baker Technology, has announced that it has entered into (a) a sale and purchase agreement with Energian, a wholly-owned subsidiary of Falcon Energy Group, a company listed on the Singapore Exchange Securities Trading to acquire 217,800,000 issued and paid-up ordinary shares in the capital of CH Offshore, representing approximately 30.90% of the total Shares for a purchase consideration of S$0.115 per share," said a stock exchange announcement from the company.

It has also entered into a sale and purchase agreement with SZ Offshore Investment to acquire 153,846,150 Shares, and together with the Falcon Energy shares, representing approximately 21.83% of the total shares for a purchase consideration of S$0.13 per SZ Offshore share.

Accordingly, the maximum number of Shares which BTI can acquire as a result of the Transaction (assuming BTI receives full acceptance for the Offer) is 465,132,383 Shares, representing approximately 65.99% of the total Shares.

 Singapore-based CHO and its subsidiaries are principally engaged in the businesses of investment holding; and the owning and chartering of vessels. CHO has seven wholly-owned subsidiaries in Singapore involved in, amongst others, ship management, investment holding, ship-owning and chartering and two whollyowned subsidiaries in Malaysia involved in, amongst others, ship-owning and chartering.