Jasa Merin (Malaysia) Sdn. Bhd.

Published: 24 September 2009
Source: Business Times

SILK to raise RM10m from rights issue
TOLL concessionaire holder SILK Holdings Bhd is undertaking a renounceable rights issue, which will raise RM10 million for the group, to be used for working capital and to cover the expenses of its proposed regularisation scheme.

The rights issue involves a renounceable rights issue of up to RM10 million nominal value 3 per cent RCULS-A at 100 per cent of its nominal value of RM1 each, on the basis of one RCULS-A, for every 18 existing ordinary shares of RM0.50 each, in SILK Holdings.

It is part of the group's proposed regularisation scheme, which will include a proposed par value reduction and acquisition.

As part of the group's efforts to secure an alternative income stream, it has proposed to acquire AQL Aman Sdn Bhd, the holding company of Jasa Merin (M) Sdn Bhd, an oil and gas support service company.

The company owns a fleet of eight offshore support vessels (OSVs), which are time chartered to oil and gas majors.

"Although there are still uncertainties in the economy, we believe there are bright prospects for OSVs. This is based on the continuing demand by oil and gas majors for development and exploration activities which are spurred by high fuel prices," SILK Holdings executive chairman Datuk Mohd Azlan Hashim said in a statement yesterday.


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NEWS Published: 24 September 2009 Source: Business Times SILK to raise RM10m from rights issue TOLL concessionaire holder SILK Holdings Bhd is undertaking a renounceable rights issue, which will raise RM10 million for the group, to be used for working capital and to cover the expenses of its proposed regularisation scheme. The rights issue involves a renounceable rights issue of up to RM10 million nominal value 3 per cent RCULS-A at 100 per cent of its nominal value of RM1 each, on the basis of one RCULS-A, for every 18 existing ordinary shares of RM0.50 each, in SILK Holdings. It is part of the group's proposed regularisation scheme, which will include a proposed par value reduction and acquisition. As part of the group's efforts to secure an alternative income stream, it has proposed to acquire AQL Aman Sdn Bhd, the holding company of Jasa Merin (M) Sdn Bhd, an oil and gas support service company. The company owns a fleet of eight offshore support vessels (OSVs), which are time chartered to oil and gas majors. "Although there are still uncertainties in the economy, we believe there are bright prospects for OSVs. This is based on the continuing demand by oil and gas majors for development and exploration activities which are spurred by high fuel prices," SILK Holdings executive chairman Datuk Mohd Azlan Hashim said in a statement yesterday. PREV \| NEXT
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