PetroFirst Infrastructure 2 Limited entered into a binding share purchase agreement to acquire 80% stake in PV Keez Pte. Ltd. from Ezra Holdings Limited (SGX:5DN) and EMAS Offshore Production Service (Vietnam) Pte. Ltd for approximately $170 million on July 1, 2016. Ezra Holdings Limited will sell 57.39 million ordinary shares representing 38.26% stake and 25.61 million cumulative preference shares representing 91.47% of PV Keez and EMAS Offshore Production Service (Vietnam) Pte. Ltd will sell 62.61 million shares representing 41.74% stake in PV Keez Pte. Ltd. PetroFirst Infrastructure 2 Limited will pay cash of $68.94 million and deferred consideration of $120 million. The sellers will also grant a put option to the buyer for the remaining shares. PV Keez Pte. Ltd. had revenue of $84.6 million, profit of $12.7 million, total assets of $384 million, and total debt of $126.9 million. The deal is subject to the approval of the shareholders of Ezra Holdings Limited and EMAS, approval by High Court of Singapore, PV Keez entering into the master service agreement, execution of a loan agreement, termination agreement in respect of the option agreement between EOL and KSI Production Pte Ltd and other agreements. On September 7, 2016, deal was approved by the Board of Ezra. The shareholders of Ezra Holdings approved the transaction on September 22, 2016. The transaction is expected to close on or before September 30, 2016. As of October 28, 2016, the long stop date has been extended to November 30, 2016. As of November 29, 2016, the long stop date has been extended to December 31, 2016. It is expected that the net proceeds of the deal will be utilized by Ezra Holdings Limited for debt repayment, working capital and general corporate requirements. Boardroom Corporate & Advisory Services Pte. Ltd acted as registrar to Ezra Holdings. Chan Sing Yee, Jason Chua, Christy Lim, Felix Lee, Chua Sui Tong and Tan Shao Tong of WongPartnership acted as legal advisors to PetroFirst. PetroFirst Infrastructure 2 Limited completed acquisition of PV Keez Pte. Ltd. from Ezra Holdings Limited (SGX:5DN) and Ezra Holdings Limited (SGX:5DN) on December 19, 2016.