KUALA LUMPUR (April 6) : YINSON HOLDINGS BHD [] may raise up to RM20.38 million from a planned private placement of 11.99 million new shares in the logistics firm. This is based on an indicative issue price of RM1.70 a share.
In a statement to the exchange on Friday, Yinson said the proceeds will be used to reduce debt, and purchase fixed assets for the company which is also an oil and gas support services provider.
“The proposed private placement will also allow the company to raise funds for its operational expenses requirements without having to incur interest costs, as compared to bank borrowings.
“The proposed private placement will also serve to decrease gearing of the company, increase the market capitalisation of Yinson, and improve liquidity of the shares,” Yinson said.
Yinson said it may place out the placement shares, accounting for 6.36% of its issue base, on a staggered basis to investors. The exercise is expected to be finalised before the end of the second quarter of 2012, according to the firm.
In a statement to the exchange on Friday, Yinson said the proceeds will be used to reduce debt, and purchase fixed assets for the company which is also an oil and gas support services provider.
“The proposed private placement will also allow the company to raise funds for its operational expenses requirements without having to incur interest costs, as compared to bank borrowings.
“The proposed private placement will also serve to decrease gearing of the company, increase the market capitalisation of Yinson, and improve liquidity of the shares,” Yinson said.
Yinson said it may place out the placement shares, accounting for 6.36% of its issue base, on a staggered basis to investors. The exercise is expected to be finalised before the end of the second quarter of 2012, according to the firm.
