Ezra falls amid plan for rights issue

Singapore

EZRA shares fell on Tuesday to their lowest level since a decade ago after the oilfield services group said over the weekend that it plans to raise funds to refinance its debt, though analysts were quick to downplay the drop.

The stock shed five cents to end the day at S$0.34 with 18.8 million shares changing hands, the lowest it has been since January 2005 according to Bloomberg data. The 12.8 per cent drop, which occurred on the first trading day after Ezra's Saturday night announcement on the Singapore Exchange, was also the steepest daily decline since a 13.2 per cent tumble in January 2014.