KrisEnergy to raise S$169.5m from 42-for-100 rights issue

Singapore

KRISENERGY on Monday announced a S$169.5 million rights issue to support its strategy of growing oil and gas production in its existing fields, as well as near-term development projects.

The announcement comes after the upstream oil and gas company received on the same day an in-principle approval from the Singapore Exchange for its rights issue, which is expected to generate net proceeds of approximately S$165.6 million through the issuance of 440,144,838 new shares on the basis of 42 rights shares for every 100 existing shares.