Singapore Exchange to list Nam Cheong Dockyard

Listing follows company's reverse takeover of Eagle Brand at S$472mil.

Sarawak-based shipbuilder Nam Cheong Dockyard Sdn Bhd (NC Dockyard) will be listed on the Singapore Exchange (SGX) following a reverse takeover of Eagle Brand Holdings Ltd.

In a statement released to the SGX Friday, the deal valued NC Dockyard, together with a 50% stake in unit Nam Cheong Offshore Pte Ltd (NC Offshore) at S$472mil.

Eagle Brand said it would acquire the assets by issuing new shares in the company to Nam Cheong group’s substantial shareholder Datuk Tiong Su Kouk and others.

The SGX-listed firm was without a core business following the disposal of its previous assets. The transaction will give Tiong almost complete control of Eagle Brand.

NC Dockyard reported a revenue of RM1.1 billion (S$466,06 million) and a net profit of RM120 million (S$50.85 million) in the year ended Dec 31, 2009. NC Offshore posted a turnover of S$121.5mil and net profit of S$15.3mil in the same year.

View the full story in The Malaysian Star.