Cash raising exercise for Nam Cheong


Singapore: Busy offshore operator Nam Cheong is seeking a further cash injection by way of a placement exercise of up to an aggregate of 190,000,000 shares

The placement shares will be placed out at a price of S$0.255 per placement share, a discount of approximately 9.7% to the weighted average price of S$0.2824 

The net proceeds of the placement should garner S$47m for the Malaysian firm the majority of which will go on financing expenditure for shipbuilding projects and its vessel chartering business, while between 10 and 30% will be spent refinancing existing borrowings.  [11/01/13]

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