GTT Moves to Strengthen Position in LNG Bunker Market With 75% Stake in Ascenz

Thursday December 7, 2017

Ascenz Solutions Pte Ltd (Ascenz) says that GTT has acquired a 75 percent share of Ascenz - a move intended to boost GTT's position within the growing liquefied natural gas (LNG) bunker market.

"This is a particularly important new phase for us. The two companies' complementarity will contribute to accelerate the Group's development in services," said Philippe Berterottière, Chairman and CEO of GTT.

"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."

Under the transaction, which is subject to the satisfaction of conditions precedent, the two co-founders of Ascenz will retain 25 percent of the share capital and continue to manage the company.

"We are delighted to be joining forces with GTT, leader in its sector, and to benefit from its in-depth knowledge of LNG markets," said Chia Yoong Hui, CEO and co-founder of Ascenz.

"We share the same vision of Smart Shipping, and our respective know-how is perfectly complementary."