Mooreast Holdings Ltd has successfully completed a private placement, raising S$6m to enhance its financial standing and support working capital needs. This strategic move aims to strengthen the company’s balance sheet, providing the necessary funds to facilitate ongoing operations and future growth initiatives.
The group successfully completed the private placement of 44,450,000 new ordinary shares at a placement price of S$0.135 per share, raising gross proceeds of S$6m.
Investors include Amova Asset Management, Lion Global Investors Limited (as investment manager for and on behalf of its clients) – which are funds registered with the Equity Market Development Programme – as well as Asdew Acquisitions and ICH Synergrowth Fund. ZICO Capital Pte. Ltd. acted as the placement agent, with Maybank Securities Pte. Ltd. appointed as the sub-placement agent.
Net proceeds of approximately S$5.8m to be deployed towards the group’s ongoing projects and working capital. Mooreast Holdings, known for its expertise in the offshore and marine sectors, is expected to leverage this financial boost to further its business objectives. The successful completion of the private placement reflects investor confidence in the company’s strategic direction and financial health.
Looking ahead, Mooreast’s strengthened financial position will likely enable it to explore new ventures and expand its market presence, ensuring continued growth and stability in a competitive landscape.
