Mahathir’s son invests in SBI Offshore

Singapore: SGX Catalist-listed SBI Offshore will raise S$16.2m from placing new shares to four investors including Malaysian businessman, Mirzan bin Mahathir, the eldest son of former Malaysian Prime Minister Tun Dr. Mahathir Mohamad and a director of Philippine Stock Exchange-listed Petron Corporation, the largest oil refining and marketing company in the Philippines.

SBI Offshore, which has recently commenced negotiations to build up to five jack-up rigs for a Middle East and Chinese consortium, said that it had entered into subscription agreements to place a total of 62m new SBI Offshore shares at 26.05 Singapore cents each.

The proceeds will be used to fund working capital as it pursues business expansion, and for mergers and acquisitions in the O&G sector.

Mahathir, an experienced investor who has interests in the O&G sector, will subscribe for 27m new shares. Other new investors include a Chinese businessman with extensivce O&G interests. The other two placees are a Singaporean, Osith Ramanathan – director of Ostara Capital – and a Malaysian, Pang Shun Pen – director of SP Asia-Euro Capital and co-founder of Ostara Capital.

The placement price of 26.05 Singapore cents represents a discount of about 9.9% to the weighted average price of 28.92 Singapore cents per share for trades of SBI Offshore shares done on 18 September 2014, being the last full market day prior to the date of the agreements.  [24/09/14]

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