Vard Holdings Ltd, the Singapore-listed global shipyards business majority-owned by Fincantieri, is to be delisted from the SGX stock exchange following an extraordinary general meeting (EGM) held on July 24, which approved the move by 96.43% to 3.57%.
Vard, which owns nine shipyards in Norway, Romania, Brazil and Vietnam, is currently constructing the world’s largest in-build superyacht project, the 182.6m (600ft) REV Ocean. Work on this special vessel, which will link the superyacht sector with ocean conservation, started in February this year and it is scheduled to be completed in 2020. Espen Oeino is involved with the design of REV Ocean.
Vard is also potentially involved in a number of other large yacht related projects which would see large offshore design vessels being constructed or refitted as expedition superyachts or shadow vessels.
In terms of the delisting, Vard Holdings was already a subsidiary of Fincantieri, the Italian state-owned shipbuilder with a holding level as of late July in excess of 87%. At the EGM, the shareholders approved the voluntary delisting of Vard from the main board of Singapore Exchange Securities Trading Limited pursuant to Rule 1307 of the listing manual of the SGX-ST.
For non-Fincantieri associated shareholders, an exit share purchase offer has been made which will stay in place until August 8, 2018. Under the exit offer, Fincantieri will offer the shareholders of Vard SG$0.25 in cash for each Vard share tendered in acceptance of the exit offer.
The maximum value of the exit offer as at July 24, 2018 was about SG$48.0m (approximately €30.1m). The offer will be financed through available financial resources.