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Malaysian turnkey contractor Eversenda has ditched a MYR 235 mn planned acquisition of Vahana Offshore, according to a Bursa Malaysia disclosure released last week. Eversenda’s decision cites Vanaha’s inability to obtain financing from local and international financial institutions, which had been placed as a condition for the share purchase agreement to go through.
Vahana operates primarily in the Arabian Gulf: Vahana hosts most of its operations in the GCC, where the company operates, charters, and manages liftboats, tugs, barges, and marine vessels. Malaysia’s the Edge reported. Activities in the UAE, KSA, Kuwait, and Qatar yielded well over 99% of the firm’s revenues in FY 2019, the outlet said.
What acquisition? The agreement has been in the works since 2020 and would have seen Eversendai fully acquire Vahana’s through the issuance of new shares.
