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SINGAPORE : Mainboard-listed marine company C2O Holdings has announced plans to acquire Swissco International.
In a filing with the Singapore Exchange, C2O Holdings said it has entered into a term sheet with Yeo Holdings to acquire all its shares in Swissco at S$0.89 each.
Yeo Holdings is the controlling stakeholder of Swissco, with a 54.75 per cent stake.
The proposed acquisition is subject to due diligence, review by the regulators and shareholders' approval.
C2O Holdings said the deal will provide the group with the size to be a major player in the competitive offshore and marine sectors of the oil and gas industry.
Swissco is an established provider of offshore marine services, with strong presence in Southeast Asia, while C2O Holdings has a growing presence in the Middle East and China. - CNA/ms
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