Maridive and Oil Services announced that its board of directors has approved an offer worth $37 million from an UAE-based investor to acquire a stake in the company.
Canadian investor Najjad Zeenni offered to subscribe to the shares of the company’s capital increase at a price of $0.61 apiece, the company said in a statement to the Egyptian Exchange (EGX) on Sunday.
The deal includes increasing the company’s issued capital to $188.1 million from $163.8 million.
Upon concluding the deal after obtaining regulatory and shareholder approvals, Zeenni will own a 12.8% stake in the company, the statement added.
Maridive will use the capital raise proceeds to purchase Zeenni’s 25% stake in Valentine, raising its stake to 100% from 75%.
During the first quarter of 2019, Maridive turned into losses of $1.41 million, versus a profit of $1.15 million in the year-ago period, including minority shareholders rights, according to the company’s standalone financial statements.