Ezra calls for trading halt amid writedowns at joint venture

SINGAPORE (Feb 2): Ezra Holdings has requested for a trading halt before trading hours on Wednesday, as Chiyoda Corporation and NYK Line issued warnings of one-off write downs against their  stakes in Emas Chiyoda Subsea, the subsea joint venture with Ezra.

According to media reports, NYK Line had provided for a JPY 13 billion ($162.7 million) loss for its 25% stake in ECS, based on the future recoverable value of its shareholdings and its loans to the JVCo.

Separately, Chiyoda said that it expected to lower its consolidated financial forecast for FY17 to March due to the downgrade of its 35% shareholding in ECS and the value of its loans to the company. The group estimated that its risk exposure in ECS would run up to about JPY38 billion.

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