SBI Offshore raises funds via share offeringCompany News // September 29, 2014
SGX Catalist-listed SBI Offshore Limited has announced that it will raise S$16.2 million from placing new shares with four investors, including Malaysian businessman, Mirzan bin Mahathir.
SBI Offshore, which has recently commenced negotiations to build up to five jack-up rigs for a Middle East and Chinese consortium, said that it had entered into subscription agreements to place a total of 62 million new SBI Offshore shares at 26.05 Singapore
The placement will enlarge the integrated oil and gas engineering solutions providerís 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 in the offshore oil and gas sector.