CH Offshore (SGX:C13) proposed to undertake a renounceable non-underwritten rights issue of up to 1,409,785,028 new shares in the company's capital at SG$0.01 per right share, according to a filing with the Singapore Exchange on Tuesday.
The minimum amount to be raised from the proposed rights issue is around SG$9.9 million.
Proceeds from the rights issue will be used to partially fund the purchase or building of vessels and to increase its market capitalization.
Shares of the shipbuilder were up over 2% in recent trading.
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