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