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UAE investor offers to acquire stake in Maridive & Oil Services at $37M

UAE investor offers to acquire stake in Maridive & Oil Services at $37M

 ArabFinance: The UAE investor, Mr. Najjad Zeeni, has expressed his intension to buy a stake in Maridive & Oil Services Co. “Maridive” or the Group, (MOIL) by subscribing to a capital increase valued at $37 million at a subscription price of $0.61 per share, according to the company’s statement on Wednesday.

The offer represents a significant premium to Maridive’s May 7 closing share price at $0.363.

The statement noted that the transaction is subject to Maridive’s shareholders approval on using the full proceeds of the transaction to fully subscribe to an equivalent value of newly issued shares in Valentine Maritime.

Mr. Zeeni personally holds 25% of Valentine’s shares, while the remaining 75% is held by Maridive.

The release pinpointed that Mr. Zeeni would not participate in the subsequent capital hike in Valentine and would undertake to sell to Maridive the remainder of his stake in Valentine at a price of $1 per share after completion of the capital increase.

Upon completion, the net effect of the transaction would see Mr. Zeeni hold 60.655 million shares in Maridive, with all of his shares being subject to a three-month lockup agreement. Valentine, in turn, would become a 100% owned subsidiary of Maridive.

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