SINGAPORE (Oct 1): OCBC Investment Research has maintained its “hold” rating for Ezra Holdings with an unchanged fair value of 16 cents after Norwegian-based DNB Bank emerged as a major shareholder with a 7.04% stake in the oil and gas service provider.

DNB Bank had acquired the 207 million Ezra shares on Sept 25 via an off-market deal for $24.84 million or 12 cents per share.

But the stake may change ownership as DNB and Frontica Global Employment had executed a forward agreement, giving Frontica the right to buy the shares at a forward price on a specified settlement date.

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