Cairo – Mubasher: Maridive and Oil Services announced that Najjad Zeenni, a Canadian investor, has offered to subscribe to the company’s capital increase with a total value of $37 million.
The UAE-based investor offered to subscribe to the shares of the capital increase by issuing 60.655 million shares at a subscription price of $0.61 a piece, the company said in a statement to the Egyptian Exchange (EGX) on Wednesday.
After the capital raise, Zeenni will own a 12.9% stake in the company, the statement added.
Such increase will be used to finance Maridive’s subscription to the shares of the capital raise of Valentine Maritime, in which Maridive holds a 75% stake, as Zeenni will sell his 25% stake in Valentine Maritime to Maridive at $1 per share.
The capital increase offer is subject to the approval of the company’s board of directors and extraordinary general meeting (EGM).
For the full-year 2018, Maridive and Oil Services reported a 40% year-on-year drop in net consolidated profit, logging $14.002 million, compared to $23.49 million in the prior year.
Revenues slid to $208.17 million during the 12-month period ended 31 December from $238.8 million in the same period of 2017.
