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Stocks to watch: Ezion, ISR Capital
EZION Holdings: The offshore marine services provider has proposed a renounceable underwritten 3-for-10 rights issue of up to 487.31 million new shares at an issue price of 29 Singapore cents for each rights share, which will raise up to S$141.3 million.
The company said the rights issue will facilitate efforts to fit out and re-purpose its fleet, acquire offshore and marine assets, and provide it operational flexibility to cater for different contracts going forward.
"In addition, as the company continues to constantly evaluate business opportunities and market opportunities relating to its fleet, the rights issue would preserve its committed credit lines that allow it to respond to such opportunities expediently," it said in an announcement to Singapore Exchange on Thursday evening.
Ezion also announced on Thursday after market closed that it has officially entered the China offshore windfarm market following the setting up of a joint-venture company with a logistics group that is a wholly owned unit of China Merchants Group.
The stock closed unchanged at 52 Singapore cents on Thursday.
ISR Capital: The mainboard-listed fund manager said on Friday it would boost its stake in a Madagascar rare-earth concession holder to 60 per cent after it inked a deal to buy 40.1 per cent more of Tantalum Holding (Mauritius) from Reo Magnetic for S$26.7 million.
ISR Capital will issue 400 million shares to Reo Magnetic at 10 Singapore cents each to pay for the total agreed value of the target of S$40 million (including the earlier 19.9 per cent stake it acquired in Tantalum Holding in June). The counter closed at 9.2 Singapore cents on Thursday.
Tantalum Holding owns 100 per cent of Tantalum Rare Earth Malagasy, a Madagascar-incorporated company which holds a permit to explore and develop a concession hosting critical rare earth elements in Madagascar.