Dennis Uy's Udenna Corporation has terminated a non-binding term sheet it signed with EMAS Offshore and its subsidiary Emas Offshore Pte Ltd (EOPL) in October.
Under the agreement, Udenna had an exclusivity of five weeks to conduct due diligence and sign off terms for a potential investment of up to $73.29m in EMAS Offshore, which is restructuring.
The funds would have been used to fully repay bank debt on some EMAS vessels and inject cash into EOPL.
“The board wishes to announce that the company has been notified by Udenna that it will no longer be proceeding with the proposed transaction,” Lee Kian Soo, EMAS Offshore’s chief executive, said in a filing to the Singapore Exchange on Wednesday.
Philippines-based Udenna Corporation was founded by Uy and holds business interests in shipping and logistics, among other sectors.
The company is the majority shareholder in Chelsea Logistics Holdings Corporation, which provides waterborne transport of petroleum products, general cargo and passengers in the Philippines.
EMAS Offshore signed an earlier term sheet in December 2017 with BTI, a subsidiary of BakerTechnology, which the investor terminated in July.
The deal would have seen BTI inject up to $50m in return for a majority stake in EMAS.
