Nam Cheong Seeks to Raise Funds for Shipbuilding Projects

Nam Cheong – the largest offshore support vessel (OSV) builder in Malaysia – on Friday proposed to raise $38 million (SDG40 million) through the placement of 190 million shares at $0.20 (SDG0.255) per share.

A large portion of the net proceeds will be used towards financing expenditure for shipbuilding projects and vessel chartering business, and the rest of the proceeds will be used for refinancing of existing borrowings and general corporate purposes.

Commenting on the fund placement, OSK Research’s analyst Lee Yue Jer said in an opinion report released Friday: "Given the size of the recent fundraisings, we expect an expansion in the company’s shipbuilding by about 20 percent to 24 vessels."

Nam Cheong booked a record sale of 21 OSVs last year.
 

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