Saeed Investment, a little-known entity that was registered in Singapore this past May, is set to assume a 50.22% stake in Singapore-listed, UAE-based offshore player Atlantic Navigation Holdings.
The deal will see Atlantic Navigation issue and allot an aggregate of 262,918,394 new ordinary shares to Saeed at a subscription price of US$0.09889 per share. The price represents 10.5% premium on the volume-weighted average share price on 13 June 2018, the last full market day which the shares were traded preceding the date the subscription agreement was signed.
