Affinity to exit Singaporean shipping operator, Jaya Holdings

Affinity, co-founded by Hong Kong-based KY Tang, may be considering its exit to a consortium led by Jaya's own CEO Chan Mun Lye, according to Reuters, citing sources close to the deal. Any sale would depend on the blessing of Jaya's 13 banking lenders, who could take as much as a 30% hit on their investments, the report continued. The Asian buyout firm has tried exiting Jaya since last year after the company has struggled to regain its financial strength after the global crisis. The company has slowly bolstered its performance, and according to Jaya's website, the group's total revenue for the three months ending September 30 was $78.2 million, up 94% year-on-year.

Affinity became Jaya Holdings' sole investor in January 2007, following an MBO. Jaya launched on the Singapore Exchange in 1992. Jaya is an offshore chartering and shipbuilding company that serves the oil and gas exploration and production industry. Its assets include a chartering fleet consisting of 21 vessels used by its global clients, as well as three shipyards in Singapore; Batam, Indonesia; and Nantong Qidong, China.

 

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• Topics
• Southeast Asia
• Exits
• Affinity Equity Partners