CIMC Raffles Offshore has proposed a one for two rights issue to raise $100m.
It intends to raise capital in order to reduce borrowings, improve shipyard facilities and strengthen the balance sheet.
Loss-making CIMC Raffles will issue more than 200m new ordinary shares at a price of $0.50 per share.
This price represents 46.2% of the company's net asset value as at the end of last year.
CIMC
