Ezra Holdings on Friday said that it would sell all the remaining 4.17 per cent stake in Ezion Holdings Limited, representing 40 million shares, for S$90 million.

Ezra would place the shares at S$2.25 each, which is a 4.9 per cent discount to Ezion’s volume weighted average price of S$2.37 on Thursday.

It will realise a net gain of about US$65.7 million from the divestment.

“The divestment is part of Ezra’s ongoing capital management efforts to enhance shareholder value through the realization of our investments,” Ezra said.

Ezion Holdings' net profit for the first-quarter ended March 31, 2013 more than tripled to US$46.2 million, from US$14 million in the previous year.

Its income was boostedby a net gain of US$17.77 million derived from the sale of a joint venture in Australia.

Revenue surged 79.3 per cent year-on-year to US$54.8 million, driven by chartering contribution from deploying additional units of service rigs. It was also boosted by a higher contribution from its offshore logistic support vessels services from the Queensland Curtis Liquefied Natural Gas project and the start of the Australia Pacific LNG (APLNG) project.

The offshore support service firm for the oil and gas sector expects to perform better in FY13.