Prosper Excel Engineering is in the business of ship management of offshore support vessels including tugs and barges, anchor-handling tugs, anchor-handling supply tugs and multi-purpose vessels. It also does marine engineering involving shipbuilding and ship repairs, oil waste recycling and tank cleaning, as well as steel fabrication and other marine infrastructure works that service the offshore & marine (O&M) sector.
The company is private and limited by shares. It was incorporated in Singapore on Dec 10, 2015. It has an issued and paid-up share capital of $100,000 comprising 100,000 ordinary shares.
The proposed acquisition will be raised from the proceeds of the fundraising exercise undertaken by Jasper Investments.
On June 6, Jasper Investments announced that it secured over $9 million of capital from a group of investors to fund the expansion of its core business and develop artificial intelligence (AI)-enabled digitalisation for the maritime industry. The investors include Koh Boon Hwee, the chairman of Sunningdale Tech and the SGX Group, and fund manager Terence Wong.
See also: Sheffield Green’s subsidiary Wind Asia to explore potential acquisition of wind energy company
In that statement, the company said that it will be “joining forces with” Prosper Excel Engineering to bring in marine assets or businesses that are “immediately accretive” to its core business. It adds that it will form a “trusted network” of maritime partners including Prosper Excel Engineering to work with Jasper Investments to generate revenue.
On June 25, Jasper Investments announced it is raising another $12.97 million. Investors include those who took part in the earlier round like Wong, and include new names such as Tan Chi Hwee, former Asia Pacific CEO of commodities trader Trafigura, and Income Insurance CEO Andrew Yeo.
According to Jasper Investments, the new investors were identified and sourced by its executive chairman and CEO Dennis Goh through his personal network and business contacts developed in the course of his previous involvement with Lyte Ventures.
See also: Q&M Dental completes acquisition of remaining 51% of shares in EM2AI
As the proposed acquisition is deemed as a major transaction under listing rules, the company will have to seek the approval of its shareholders at an extraordinary general meeting (EGM).
As at 9.25am, shares in Jasper Investments are trading flat at 0.8 cents.
