Singapore-listed offshore services provider IEV Holdings has raised net proceeds of approximately SGD6.45 million (USD4.79 million) from a rights issue.
According to the company’s filing to the Singapore Exchange (SGX), IEV intends to utilise the net proceeds for the development of the Pabuaran Kerjasama Operasi (KSO) exploration and production (E&P) programme, construction of the biomass plant in Vietnam, and the expansion of the compressed natural gas (CNG) supply chain in Malaysia, as well as general working capital.
IEV stated in its filing that at the close of the rights issue on 26 May, valid acceptances and excess applications for 150,987,570 rights shares were received. Based on the company’s existing issued share capital of 189,200,000 shares as at the books closure date, a total of 94,600,000 rights shares were available for issue under the rights issue.
“The valid acceptances and excess applications represent approximately 159.6% of the total number of rights shares available under the rights issue,” said IEV in the corporate statement.
Meanwhile, the board expects that all 94,600,000 rights shares will be allotted and issued on or about 3 June, and to be credited into the relevant securities accounts on or about 4 June.