KrisEnergy launches S$169.5m rights issue

Upstream oil and gas company KrisEnergy Ltd Monday said it was planning a S$169.5 million rights issue, and would use the proceeds for capital expenditure, increase near-term production, revenue and cash flow.

The company, in which Keppel Corp has a significant stake, will issue 440.1 million new shares at 38.5 cents each, on the basis of 42 rights share for every 100 existing shares. This represents a 13.5 per cent discount to the closing price of 44.5 cents per share as at June 12 2015.

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