Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

SEA 5000 bidder seeks to take subsidiary private

fremm frigate

Fincantieri and its subsidiary Vard have jointly announced a proposal to voluntarily delist Vard from the Singapore Exchange Securities Trading Limited (SGX-ST).

Fincantieri and its subsidiary Vard have jointly announced a proposal to voluntarily delist Vard from the Singapore Exchange Securities Trading Limited (SGX-ST).

Fincantieri, which holds a 79.34 per cent stake in Vard, is now offering SG$0.25 per for every share it does not own.

Advertisement
Advertisement

Fincantieri, which is one of three downselected companies competing for Australia's $35 billion SEA 5000 Future Frigates contract, said that it has no plans to change Vard's existing business, but wants to fully integrate Vard with its other subsidiaries.

"Since the acquisition of the majority stake in Vard in 2013, the offeror's objective has been to delist Vard and to implement a series of synergies in engineering and production," Vard said in an announcement.

The delisting is conditional upon the SGX-ST agreeing to Vard’s application to delist, and the delisting resolution being approved at the EGM by a majority of at least 75 per cent, and not being voted against by 10 per cent or more, of the total number of Vard shares held by shareholders present and voting.

Under Fincantieri's mobilisation initiatives for Australia's Future Frigates Project bid, Vard will have blocks for expedition cruise vessels for Coral Sea Expeditions constructed in Australia.

Fincantieri Australia chairman Dario Deste said this opportunity will help both the Australian defence industry and the oil and gas industry.

PROMOTED CONTENT

“Building blocks of the Coral Sea Expeditions cruise ship here in Australia shows how Fincantieri’s size and strength can join new opportunities in the market and the shipbuilding industry together," Deste said.

“Vard offers exciting opportunities for joint venture partners in Australia’s offshore oil and gas industry, and these opportunities flow directly from the engineering know-how Fincantieri contributes to Australia’s naval industry.

“These initiatives demonstrate Fincantieri’s vision for Australia, where Australian citizens and Australian companies work together as an industry to design and build advanced naval vessels on a sustainable, global and sovereign basis."

A spokesperson for Fincantieri told Defence Connect if the delisting of Vard is successful it would have no impact on the cruise vessels blocks contract.

 

SEA 5000 bidder seeks to take subsidiary private
FREMM-Frigate.jpg
lawyersweekly logo

The inaugural Defence Connect AIC Summit will place you with key decision-makers and stakeholders within the defence industry to discuss the government’s intention to improve AIC and increase the nation’s sovereign production, defence capability and resilience. Don’t miss your chance to be part of this event, register for free today to attend the live stream on 22 October. Register your interest to attend, visit: www.defenceconnect.com.au/aic-summit

more from defence connect

Veteran owned start-up partners with Disaster Relief Australia
Sep 28 2021
Veteran owned start-up partners with Disaster Relief Australia
Corporate responsibility is taking on new meaning after BenchOn partnered with Disaster Relief Australia (DRA) to launch a world...
Sep 28 2021
Defence bolsters national security research funding
Universities across Australia have secured millions of dollars in research grants as part of a new push to develop national securi...
Sep 28 2021
Rohde & Schwarz, Thales win German frigate contract for comms and radar electronic support measures
Rohde & Schwarz confirmed that the companies had been selected to develop their R&S KORA communications and radar electron...