Atlantic Navigation lists on Catalist

A total of 17 million shares were placed out to new investors at S$0.64 per placement share.

Singapore Exchange announced the listing of Atlantic Navigation Holdings (Singapore) Limited on Catalist, under the stock code of “5UL”.

Fastube Limited acquired Atlantic Navigation for a consideration of S$146 million, satisfied by an issue of shares by the company. As part of the exercise, Fastube was renamed as Atlantic Navigation and placed out 17 million shares, raising S$10.88 million. The net proceeds received will be used for expansion of its fleet and general working capital.

Established in 1997, Atlantic Navigation provides marine logistics services, ship repair, and maintenance services to the marine and oil and gas sector in the Middle East. It also provides afloat and drydock repair and maintenance services to customers in the shipping industry and its owned and managed vessels.

Atlantic Navigation brings the total number of companies listed on Catalist to 140.