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REX International Holding on Monday said in a filing to the Singapore Exchange that its indirect wholly-owned subsidiary, Rex Oman Ltd, had on Sunday been informed of the completion of subscription of Masirah Oil Ltd's shares.
Rex Oman's subscription of 5,760 new Masirah Oil shares at US$1,426 per share, for a total of US$8.21 million, was completed on Nov 12. This represents about 57.6 per cent stake in Masirah Oil.
Masirah Oil is a 64 per cent-owned subsidiary of Lime Petroleum Plc, Rex International's 65 per cent indirectly held jointly-controlled entity.
Masirah Oil had issued 9,000 new shares at US$1,426 per share to raise an aggregate amount of US$12.8 million.
The remaining 3,240 new shares were subscribed by Petroci, an existing shareholder of Masirah Oil, in proportion to its current equity interest in Masirah Oil of 36 per cent.
The capital injection was necessary to allow Masirah Oil to pursue its drilling activities and continue its operations in Oman, as well as for general working capital requirements.
It was fully satisfied in cash by Rex Oman and fully funded by internal resources of the group.