The Singapore Exchange (SGX) has given conditional approval for ASL Marine’s plan to raise cash through an equity rights issue.
The offshore vessel builder has been planning since August to sell rights for nearly 210 million shares at SGD 0.12 apiece, which would bag gross proceeds of SGD 25.2m ($18.3m).
The SGX’s approval in principal requires ASL to meet a variety of condition, including written confirmation that it has disclosed all information that will have a bearing on investors’ decision to participate in the rights issue.
The
