Asia

Mermaid Maritime pushes for rights issue

Singapore: Mermaid Maritime is going ahead with a non-renounceable non-underwritten rights issue of new ordinary shares with a par value of BHT1 each and a private placement of such number of new ordinary shares with a par value of BHT1 each in the capital of the company, which would be equivalent to the remaining unsubscribed excess rights shares. In total the move should raise gross proceeds of around $141m.

The fund raising is subject to approval of shareholders and an extraordinary general meeting will be convened shortly.
The money raised will go on paying a loan taken out to buy shares in Asia Offshore Drilling, initial payment on a pair of new rigs and general working capital.  [21/03/13]

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