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NauticAWT to raise S$2.6m by placing out 15m shares at S$0.174 apiece

CATALIST-LISTED oil and gas engineering firm NauticAWT said it will place out 15 million new shares at S$0.174 each to raise S$2.6 million.

The shares will be issued to Harps Holdings, a private investment company with marine interests focused on the African market. NauticAWT's total shares in issue will increase from 191 million to 206 million.

It plans to use net proceeds for working capital needs "in view of the current challenging and volatile conditions faced by the group and provide financial flexibility and cash buffer for the group's existing operations".

NauticAWT last traded at S$0.15 a share.