Eversendai Corp Bhd is merging with Vahana Offshore (M) Sdn Bhd, which is the liftboat unit of Eversendai’s parent, Vahana Holdings Sdn Bhd. Vahana Holdings, which owns 71.11 per cent of Eversendai, has issued a letter of offer to the latter for the proposed injection of 100 per cent of Vahana Offshore. Both Vahana Holdings and Vahana Offshore are privately owned by Tan Sri A.K. “Upon the merger, Eversendai can acquire liftboat assets while securing long-term charter contracts, in particular maintenance services for the oil and gas (O&G) sector,” he said at a briefing, here, yesterday. Nathan said the merger would enable Eversendai to generate about 20 per cent earnings contribution from Vahana Offshore for the year ending Dec 31.

Source: New Strait Times February 11, 2020 03:45 UTC