ASL Marine eyes raising $7m through placement shares

This will fund business expansion and the broadening of its shareholder base.

ASL Marine Holdings Ltd has announced plans to raise up to $7m through the placement of 41,104,000 fully paid-up ordinary shares at $0.1703 apiece.

In a bourse filing, the company said the planned placement will be used for business expansion, and to broaden its shareholder base, which may in turn improve the trading liquidity of its shares

“The company intends to use 100% of the net proceeds from the proposed placement to fund capital expenditures for business expansion,” it added.

The estimated net proceeds from the proposed placement, after deducting estimated fees and expenses, are approximately $6.69m.