Otto Marine Shares Soar on Delisting Offer

Shares in Singapore-based oilfield services firm Otto Marine Ltd jumped 37 percent on Thursday after the company received an offer from its majority shareholder to take it private.

 

Executive Chairman Yaw Chee Siew, who owns 61 percent of the company, offered S$0.32 per share in cash through a special purpose vehicle, according to a stock exchange filing late on Wednesday.

 

The company, which has a current market capitalization of S$67 million ($50 million), is the latest among a growing number of Singapore companies which are going private as valuations take a beating.

 

This would make Otto Marine among the first to be taken private in the city-state's offshore and marine sector, which analysts say could see more such deals.