Company Briefs

Rex International raising S$96 million

REX International is raising gross proceeds of S$95.76 million through a placement. It intends to place out through a private placement exercise up to 168 million shares at S$0.57 per share - a discount of 7.7 per cent to the volume weighted average price of S$0.6176 based on trades done on on Sept 1. The net proceeds of about S$93.49 million will be used for various things, including settling the liabilities of and injecting working capital into Rex Technology Management (RTM), as well as to fund the group's field development plans and drilling operations in Oman. Earlier on Wednesday, Rex International said that it is acquiring RTM at a nominal value of US$1 and a loan repayment of US$8.5 million. The deal is expected to be completed by Dec 1.

MIT logs S$8.2 million in new orders

MAINBOARD-listed Manufacturing Integration Technology (MIT) on Wednesday said that it secured a total of S$8.2 million in new orders. This came after it launched a new generation of vision inspection equipment under its Smart Flex series at the Semicon Taiwan 2014 Show in Taipei. The new sales bring total order book as at Sept 1 to S$34.2 million, reflecting a recovering market from 2013 when MIT recorded total full-year sales of S$31 million. In August, MIT posted sales of S$22 million for the first half of 2014.