GTT has announced its acquisition of 75% of the share capital of Ascenz from Chia Yoong Hui and Sia Teck Chong, its two executive founders, and from several investment funds.
Based in Singapore and specialised in ‘Smart Shipping’, the company employs around 40 people and designs operational monitoring and performance optimisation systems for vessels. Aimed at ship-owners, Ascenz' solutions enable them to achieve significant fuel savings and ensure vessel compliance with environmental standards.
This transaction reinforces GTT's service portfolio in the area of LNG shipping. Moreover, with the development of LNG as fuel, which addresses the whole merchant fleet, this acquisition will also enlarge GTT's service range.
"We are delighted to be joining forces with GTT, leader in its sector, and to benefit from its in-depth knowledge of LNG markets", said Ascenz CEO and co-founder Chia Yoong Hui. "We share the same vision of Smart Shipping, and our respective know-how is perfectly complementary."
Philippe Berterottière, Chairman and Chief Executive Officer of GTT, said: "This is a particularly important new phase for us. The two companies' complementarity will contribute to accelerate the Group's development in services. With the rise of LNG as fuel, a market in which GTT intends to grow, the energy efficiency systems designed by Ascenz will enable us to provide ship-owners with even more compelling solutions."
Completion of the transaction is subject to the satisfaction of conditions precedent, which should take place in the near future. Funded in cash, the transaction will have no significant impact on the Group's financial structure. The two co-founders of Ascenz will retain 25% of the share capital and will continue to manage the company, notably in order to contribute to the implementation of the synergies between the two companies.
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/07122017/gtt-strengthens-service-activity-with-acquisition-of-ascenz/