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Straits Inter Logistics in capital fund raising move

03 Jul 2018

Malaysia-listed bunkering firm Straits Inter Logistics (Straits) Monday issued new securities worth RM 6,555,000 (approximately USD $1.6 million) to raise additional funds, as part of listing requirements.

“On behalf of the Board, UOB Kay Hian wishes to announce that the Board had on 2 July 2018 ("Price-Fixing Date") resolved to fix the issue price for the Private Placement, comprising 28,500,000 new ordinary shares of Straits ("Straits Share(s)") ("Placement Share(s)") at RM0.23 per Placement Share,” it said in a note on the exchange.

“The issue price of RM0.23 per Placement Share represents a discount of approximately 7.22% to the 5-day weighted average market price ("WAMP") of Straits Shares up to and including 29 June 2018, being the last traded day of Straits Shares immediately preceding the Price-Fixing Date, of RM0.2479 per Straits Share.”

Straits in June announced a proposal to acquire a 55% majority stake in Malaysia-based bunker supplier for the consideration of RM35.75 million..

The company posted a 57% increase in revenue for the quarter ended 31 March 2018 (Q1 2018) due to the start of a bunkering services contract which came into effect in the fourth quarter of 2017.

Related: Straits Inter Logistics to acquire Tumpuan Megah Development for RM35.75 million
RelatedStraits Inter Logistics Q1 revenue up 57%
RelatedMalaysia: Bunkering firms extend HOA arrangement
RelatedStraits Inter Logistics: Positive outlook for Malaysia bunkering sector
RelatedMalaysia-listed bunkering firm Straits Inter Logistics net profit up 27 times
RelatedStraits Inter Logistics and Banle Energy explore bunker business opportunities

Photo credit: Straits Inter Logistics
Published: 3 July, 2018

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