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KrisEnergy unveils $169.5m rights issue
To increase near-term production.
KrisEnergy yesterday announced its $169.5 million rights issue to underpin production growth.
The group will issue 440,144,838 new shares at an issue price of $0.385 on the basis of 42 rights shares for every 100 existing shares.
The issue price represents a discount of approximately 13.5% to the closing price of $0.445 per share as at 12 June 2015.
The offering supported and backed by Keppel, which holds over 328 million shares in the company.
KrisEnergy said that net proceeds will be predominantly used for capital expenditure to increase near-term production, revenue and cash flow.
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