Malaysia: Straits Energy associate CBL International to be listed on Nasdaq
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by Admin
CBL International Limited (CBL International), an ultimate holding company of Banle International Group Ltd (BVI), a 38%-associate company of Straits Energy Resources Bhd, on Wednesday (22 March) announced the pricing of its initial public offering.
The pricing is 3,325,000 ordinary shares (shares) at a price to public of USD 4 per share for the total offering size of approximately USD 13.3 million, assuming the underwriters do not exercise their over-allotment option to purchase additional shares.
The shares will begin trading on 23 March 2023, U.S. Eastern time, on the Nasdaq Capital Market under the symbol “BANL”. The offering is expected to close on March 24, 2023, subject to customary closing conditions.
The Company has granted the underwriters a 45-day option to purchase up to an aggregate of 498,750 additional Shares to cover over-allotments at the initial public offering price, less underwriting discounts. If the underwriters exercise their option to purchase the additional Shares in full, the total proceeds from the offering are expected to be approximately USD 15.3 million.
The Company intends to use the net proceeds from the Offering for:
(i) enlarging the number of local suppliers to enhance its competitiveness as well as to increase the service options available in the Singapore and South Korea markets;
(ii) further increasing the Company’s business market shares in existing markets;
(iii) cash collateral to conduct trade financing activities with financial institutions, thus creating transaction records for further acquisition of bank financing to facilitate the Company’s business growth;
(iv) procuring and developing a centralized management information system in order to enhance the Company’s daily management control and treasury management; and (v) other working capital and general corporate purposes.
Pacific Century Securities, LLC is acting as lead book running manager of this offering. Loeb & Loeb LLP is acting as counsel to the Company, and The Crone Law Group, P.C. is acting as counsel to Pacific Century Securities, LLC.
It was previously reported CBL International proposed a listing on Nasdaq Capital Market via an initial public offering (IPO) in August 2022.
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Published: 23 March, 2023
