SG Roundup: Ezra Holdings, Fleetpartners

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Singapore-based companies seem to be considering initial public offer (IPO) related decisions of their subsidiaries and firms held in their investment portfolio. While Erza Holdings has postpone US listing of its sub-sea unit, the GIC is planning IPO for Australia-based car leasing firm, held by it.

Ezra puts US sub-sea unit IPO plan on hold 

Ezra Holdings, a Singapore-listed oilfield service company, has put on hold a plan to list its sub-sea services unit in the United States, prompted by unfavourable market conditions, a report said.

International wire agency Reuters, has quoted Ezra’s chief financial officer Eugene Cheng, stating that the company had put the IPO on hold, “given where the markets are”.

Read the Reuters report [here]

Last year, the company had appointed JP Morgan Chase & Co to help it list strategic options for its sub-sea services division, including an initial public offering (IPO) in the US. The report also further quoted Cheng as stating that comparable companies were now trading at a ratio of three to four times EBITDA, as against seven to eight times when it had first considered the option of a listing.

Ezra’s share, which has slid 60 per cent last year,  fell 0.9 per cent to S$0.525 ($0.393) on Wednesday versus a 0.4 per cent decline in the benchmark index .

GIC, Ironbridge mull IPO of  FleetPartners

Singapore sovereign wealth fund GIC and Australian private equity firm Ironbridge Capital are planning an initial public offering (IPO) of FleetPartners Ltd, in a deal that would value the car leasing company at about $615 million, news agency Reuters reported, quoting a source familiar with the developments.

The report said the listing of FleetPartners was expected in April this year and added that the GIC and Ironbridge were looking to sell between 50-80 per cent in the company.

The Reuters story said that Credit Suisse was handling the share sale of FleetPartners, which manages over 50,000 vehicles across Australia and New Zealand.

Read the Reuters report [here]

Mcmillan Shakespeare Ltd that offers similar facilities in Australia and competes with FleetPartners, is listed and trades at 10.4 times earnings and has a return on equity of over 26 per cent, according to Thomson Reuters data, the report further said, while adding that analysts expected consolidation in this sector.

The Singapore sovereign fund and  Ironbridge Capital had led a consortium which, bought FleetPartners in September 2008, and the company was formerly the fleet leasing division of ANZ Banking Group Ltd.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.