NauticAWT to raise S$2.6m by placing out 15m shares at S$0.174 apiece
CATALIST-LISTED oil and gas engineering firm NauticAWT said it will place out 15 million new shares at S$0.174 each to raise S$2.6 million.
The shares will be issued to Harps Holdings, a private investment company with marine interests focused on the African market. NauticAWT's total shares in issue will increase from 191 million to 206 million.
It plans to use net proceeds for working capital needs "in view of the current challenging and volatile conditions faced by the group and provide financial flexibility and cash buffer for the group's existing operations".
NauticAWT last traded at S$0.15 a share.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Google, US clash over search advertising as trial winds down
Apple rallies most in 18 months on upbeat forecast, buyback
US: Wall St opens sharply higher on soft jobs data
HSBC has no plans to dispose of further businesses, chairman says
Glencore Group nears deal for Shell’s Singapore oil refinery
Chinese share of French EV market slumps after incentives curbed