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Mirach Energy to resume trading on Friday, following S$5.6m share placement

MIRACH Energy will resume trading on the Singapore Exchange on Friday.

This follows its announcement on Thursday of a S$5.6 million stock placement, in which Mirach will issue 56 million new shares at S$0.10 apiece. The placement price represents a premium of about 9.89 per cent to the volume weighted average price of S$0.091 for trades done on SGX on Tuesday.

The oil and gas exploration and production company said that it will use the funds raised from the placement to "substantially settle" a remaining investment sum amounting to RM19 million (S$6.4 million) in respect of a proposed investment that was announced in March. Mirach's subsidiary CPHL had in February entered into a memorandum of understanding with timber company RCL Kelstar to potentially acquire a 70 per cent equity interest in RCL and participate in a project to develop a multi storey project in Malaysia with the Kelantan State Economic Development Corporation.