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Singapore's Ezion proposes up to $105 million rights issue

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Reuters SINGAPORE
Last Updated : Jul 01 2016 | 9:57 AM IST

SINGAPORE (Reuters) - Singapore-based oilfield service firm Ezion Holdings Ltd said it is proposing a rights issue to raise as much as about S$141.3 million ($105 million).

Funds raised from the issue could be used to help fit out and re-purpose its fleet, buy marine assets and boost operational flexibility, it said in a statement late on Thursday.

It proposed issuing up to 487.3 million rights shares at S$0.29, or a discount of about 44 percent to its closing price on Thursday.

In a separate statement, Ezion said it had set up a joint venture company with a Chinese state-owned enterprise for the chartering of service rigs to support the offshore wind farm market.

($1 = 1.3470 Singapore dollars)

(Reporting by Aradhana Aravindan; Editing by Stephen Coates)

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First Published: Jul 01 2016 | 9:52 AM IST

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