Ezra Holdings has agreed to buy EMAS Offshore’s 12.5% stake in Malaysia-based upstream oil & gas provider Perisai Petroleum Teknologi for $56m.

The consideration has been priced at a premium of around 500% compared to the shares’ current listing price, EMAS said in a filing today.

Perisai owns a fleet of a total of 15 oil & gas vessels and facilities employed in the exploration, development and production phases of offshore oil & gas fields.

Once the transaction is completed, Ezra and its subsidiary HCM Logistics will indirectly and directly own a total of 20.6% of Perisai, which is listed on Malaysia’s Bursa stock exchange.

EMAS acquired the 12.13% stake in Perisai in August 2013 as part of the consideration when EMAS sold its 51% stake in EMAS Victoria (L) to Perisai.

EMAS has until December 31, 2016 to sell its stake to Ezra, subject to entering into a definitive agreement, EMAS said.