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GTT focuses on growing fuel-related services with 75% stake in Ascenz

Acquisition of bunker-saving solutions firm 'will prove to be very useful', says GTT.



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Updated on 07 Dec 2017 13:23 GMT

GTT has confirmed that it has acquired 75 percent of the share capital of Ascenz from its two executive founders - Chia Yoong Hui and Sia Teck Chong - and several investment funds.

Singapore-based Ascenz designs operational monitoring and performance optimization systems for vessels, employing around forty people. Aimed at shipowners, Ascenz' solutions are designed to provide bunker savings and ensure vessel compliance with environmental standards.

In a statement, GTT said: "This transaction reinforces GTT's service portfolio in the area of LNG shipping. Moreover, with the development of LNG as fuel, which addresses the whole merchant fleet, this acquisition will also enlarge GTT's service range, which will prove to be very useful [in] this market segment."

"The shipping industry is increasingly opening up to new uses and services driven by digitalization. In this context, the energy efficiency systems marketed by Ascenz are meeting with growing success among shipowners," GTT added.

Philippe Berterottiere, chairman and chief executive officer of GTT, remarked: "This is a particularly important new phase for us. The two companies' complementarity will contribute to accelerate the group's development in services. With the rise of LNG as fuel, a market in which GTT intends to grow, the energy efficiency systems designed by Ascenz will enable us to provide shipowners with even more compelling solutions."

Ascenz CEO and co-founder, Chia Yoong Hui, said: "We are delighted to be joining forces with GTT, leader in its sector, and to benefit from its in-depth knowledge of LNG markets. We share the same vision of Smart Shipping, and our respective know-how is perfectly complementary."

GTT noted that the transaction, which was funded in cash, will have "no significant impact" on its financial structure. The two co-founders of Ascenz will retain 25 percent of the share capital and are to continue managing the company.

The transaction is set to be completed "in the near future", GTT said.






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