SINGAPORE - Mainboard-listed KrisEnergy said on Tuesday it has received in-principle approval from the Singapore Exchange for the listing and quotation of its $169.5 million rights shares.
The upstream oil and gas company launched the rights issue lasy week to support its capital expenditure in growing oil and gas production in existing fields as well as near-term development projects.
The issue is expected to generate net proceeds of about $165.6 million through the issuance of some 440 million new shares at 38.5 cents each.
Keppel Corporation has subscribed for its full entitlement, which amounts to 137.9 million rights shares, or about 31.3 per cent of the rights issue.
Private equity energy specialist First Reserve has also undertaken to subscribe for about 43.9 per cent of its entitlement, amounting to 87.3 million rights shares or about 19.8 per cent of the rights issue.
The remaining rights shares, representing approximately 48.8 per cent of the rights issue, have been underwritten by Merrill Lynch (Singapore), its lead manager and underwriter.