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Kruez set for S$19.2m Singapore IPO

Singapore: Swiber Holdings is to list its subsea solutions provider to the oil and gas industry Kruez Holdings to raise S$19.2m. Kruez is offering 18m new shares priced at S$0.27 per share in an initial public offering (IPO) on the Singapore Exchange's second board, Catalist. Kreuz plans to use S$12m of the proceeds for the acquisition of new assets, including remotely-operated vehicles and diving systems. The remaining S$7.2m will be used for general working capital purposes. The offer closes at noon on 27 July. [22/07/10]

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