Singapore-listed JES, which first touted the move earlier this year, has taken a 51% interest in SCIBOIS which owns the alleged $3bn project.
JES is using shares to fund the deal which it says is the company’s latest shield from the cyclicality of shipbuilding.
“The board would like to clarify and confirm that at this junction, the proposed acquisition is an investment and will not constitute an expansion of business as the company will not be directly involved in the management of business of the target group,” a statement said.
