Ezra Holdings Limited (SGX:5DN) entered into a letter of undertaking to acquire 12.13% stake in Perisai Petroleum Teknologi Bhd (KLSE:PERISAI) from EMAS Offshore Limited (SGX:UQ4) for $56 million on December 15, 2015. There are no special conditions or terms in the undertaking. EMAS has until December 31, 2016 to sell its stake to Ezra, subject to entering into definitive agreement. The consideration from the transaction will be primarily used to reduce EMAS's debt/financial obligations and there is no material impact to EMAS's earnings or profitability expected.

Ezra Holdings Limited (SGX:5DN) completed the acquisition of 12.13% stake in Perisai Petroleum Teknologi Bhd (KLSE:PERISAI) from EMAS Offshore Limited (SGX:UQ4) on December 15, 2016.