GSS Energy Receives Valid Acceptances, Excess Applications for 436 Million Shares; Shares Slump 7%

MT Newswires

Jan 06, 2025

GSS Energy (SGX:41F) received valid acceptances for 436,670,762 shares at the closing date of Dec. 30, 2024 for its right issue, according to a filing with the Singapore Exchange on Friday.

The company received valid acceptances for 251,975,486 shares and excess applications for 184,695,276 shares.

355,247,275 rights shares were not accepted or validly taken up by or allotted to entitled shareholders, renouncees and purchasers.

The company expects to raise around SG$5.5 million in net proceeds from the rights issue which would be utilized for the partial repayment of loans, working capital purposes and for business expansion.

Shares of the company slumped over 7% in recent trading.

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