The Singapore-listed company is issuing 62m new shares at a priced at SGD0.2605 per share.
Businessman and son of former Malaysian Prime Minister Mahathir Mohamad, Mirzan Mahathir is buying 27m shares in the company through CE Ventures Offshore. A Chinese investor is also subscribing to 27m shares through Millennium Marine. The remaining 8m shares are being placed with Singaporean Osith Ramanathan and Malaysian Pang Shun Pen.
“The proceeds will be used to fund working capital as it pursues business expansion, and for mergers and acquisitions in the oil and gas sector,” SBI Offshore said.
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