The French LNG membrane containment specialist is acquiring 75% of the share capital of the Singapore-based ‘smart shipping’ company from its executive founders, Chia Yoong Hui and Sia Teck Chong, and from a number of investment funds.
Ascenz, which employs around 40 people designs operational monitoring and performance optimisation systems for vessels.
Philippe Berterottière, Chairman and Chief Executive Officer of GTT, commented on the deal: ‘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 ship-owners with even more compelling solutions.’
‘We are delighted to be joining forces with GTT, leader in its sector, and to benefit from its in-depth knowledge of LNG markets,’ added Ascenz CEO and co-founder Chia Yoong Hui.
‘We share the same vision of smart shipping, and our respective know-how is perfectly complementary.’
Following the transaction, the two co-founders of Ascenz will retain 25% of the share capital and will continue to manage the company.