Ezra to raise S$36.7 million to fund investment in support services sectorNews // July 22, 2005
Lionel Lee, Ezra's Managing Director, said: "Demand in the offshore services support sector remains firm and we are constantly on the look-out for projects which can increase the overall range and value add of our fleet. The net proceeds of S$36.7 million from this share issue will help to part-finance these projects that fit our investment philosophy."
"Management effort is currently focused on enhancing Ezra's earnings growth drivers beyond FY2008 as well as advancing and expanding further in the niche markets in which Ezra is in. The placement is also intended to improve the trading liquidity of ourstock," he added.
The placement price of S$1.26 represents a discount of approximately 7.79 per cent to the weighted average price of S$1.3665 of Ezra's shares traded on the SGX-SESDAQ on the full day of 18 July 2005, the market day immediately prior to the day the placement agreement was signed.
In the current financial year ending August 2005, Ezra has taken delivery of three AHTS. Another four AHTS and four anchor handling tugs will be delivered in FY2006.