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KTL Global plans S$940,000 share placement with Hong Kong's Changsheng Investment Development

OFFSHORE services company KTL Global Limited on Monday said it plans to place S$940,000 worth of new shares to Hong Kong-based Changsheng Investment Development Limited. Changsheng is involved in trading and investment in the oil and gas, marine and energy businesses.

KTL Global plans to sell 47 million new shares at S$0.02 apiece. Upon completion of the placement, the new shares will represent about 14.89 per cent of the company’s enlarged share capital.

The issue price translates to a 66.7 per cent premium to the volume-weighted average price trades done on Friday, the market day preceding the signing of the subscription agreement.

The estimated net proceeds from the placement is about S$885,000 and will be utilised by KTL Global and its subsidiaries for expanding the group's business through investments, acquisition, joint ventures or strategic alliances, and for general working capital purposes.

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"The new shares are intended to be issued pursuant to the general mandate given by the shareholders of the company at the annual general meeting of the company held on Oct 23, 2017," KTL Global said.