Singapore's SGX Catalist-listed SBI Offshore Limited (SBI Offshore or the Group) disclosed Tuesday that it will raise $13 million (SGD 16.2 million) from placing new shares to four investors including Malaysian businessman, Mirzan bin Mahathir (Mirzan Mahathir).
SBI Offshore, which has recently commenced negotiations to build up to five jackups for a Middle East and Chinese consortium, said that it had entered into subscription agreements (Agreements) to place a total of 62 million new SBI Offshore shares at $0.2083 (SGD 0.2605) each.
The placement will enlarge the integrated oil and gas (O&G) engineering solutions provider’s issued share capital base from 187.68 million shares to 249.68 million shares. The proceeds will be used to fund working capital as it pursues business expansion, and for mergers and acquisitions (M&A) in the O&G sector.
Mirzan Mahathir, an experienced investor who has interests in the O&G sector, will subscribe for 27 million new shares via a wholly owned BVI-registered company, CE Ventures Offshore Ltd. (CE Ventures).
Millennium Marine Pte. Ltd. (Millennium), a Singapore-registered company owned by a Chinese investor with interests in China’s O&G industry, will also subscribe for 27 million new shares.
The other two placees are a Singaporean, Osith Ramanathan – director of Ostara Capital Pte. Ltd. – and a Malaysian, Pang Shun Pen – director of SP Asia-Euro Capital Pte. Ltd. and co-founder of Ostara Capital Pte. Ltd. – who have subscribed for 4 million new shares each, representing 1.6 percent-stake each in the enlarged share capital base of SBI Offshore.
The placement price of $0.2083 (SGD 0.2605) represents a discount of about 9.9 percent to the weighted average price of $0.2313 (SGD 0.28.92) per share for trades of SBI Offshore shares done Sept. 18, being the last full market day prior to the date of the Agreements, and up to the trading halt of the shares Sept. 19.
View Full Article
WHAT DO YOU THINK?
Click on the button below to add a comment.
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
Most Popular Articles
From the Career Center
Jobs that may interest you