Thursday, March 26, 2009

Daily news - 26 Mar

Raffles Education makes $30.5m share placement
Raffles Education Corporation (REC) has placed out $30.5 million worth of new shares. The education services provider will issue 80 million shares at 38.1 cents apiece and said that the placement yesterday was 'comfortably oversubscribed'. The price was a near 10 per cent discount to the stock's average traded price of 42.3 cents on Tuesday. The shares were placed with institutional and other investors 'outside Singapore', as well as existing shareholders. REC's substantial shareholders include Singapore's FIL Investment Management, which owns about 8 per cent of the company.

Swiber to cut debt after selling stake in new vessel
Swiber Holdings has struck a partnership with US-based Icon Capital Corp, with the latter taking a 51 per cent stake in its newly delivered construction vessel Swiber Victorious. The listed offshore support services company said yesterday that Icon Capital, a privately held equipment leasing and specialty finance company, has subscribed for a 51 per cent stake in Victorious LLC, the owner of Swiber Victorious. Swiber, which owns the remaining 49 per cent stake, said funds totalling US$19.13 million from the subscription will be used to repay the group's loans. It said this is another step to reduce its debt and boost its balance sheet to position Swiber for fleet expansion. Swiber has chartered the vessel, which was delivered to it recently, for use on its own offshore projects. The vessel is a 300-man capacity dive support accommodation work barge.

Source: Kim Eng

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