Singapore-listed Jaya Holdings has agreed to sell all its subsidiaries to Mermaid Marine Australia for SGD625M ($494M) in cash, according to a stock exchange filing. On 9 September 2013, Jaya announced a strategic review of the sales. The sum of the sales represents SGD0.826/share, with a premium of 45% over the closing price of SGD0.57/ share on 6 September 2013. Jaya Holdings, led by CEO Venkat-raman Sheshashayee, intends to distribute a significant part of the proceeds to shareholders via a cash dividend.
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