EMS Energy seeks US$1.5m funding via shares

oil-rig

Singapore-based EMS Energy, an investment holding company that designs, manufactures, fabricates, and installs engineering products and solutions for the oil and gas, and offshore marine industries, is raising approximately US$1.5 million from placing new shares to seven investors, to raise working capital and to fund its order book.

This follows in the wake of EMS proposing a merger with turnkey asset, the engineering, procurement and construction management (EPCM) firm Koastal. EMS has entered into subscription agreements to place 88 million new EMS shares valued at 2.3 Singapore cents each. The proposed merger will see EMS become a turnkey EPCM service provider with additional manufacturing and fabrication capabilities for larger, higher-value projects.

Asian Trust Investment, the second-largest shareholder in EMS, will subscribe for 6.5 million new shares and hold 7.43% of the enlarged issued and paid-up share capital. The individual investors participating are Peh Oon Kee, Kaedjohare Ismail Chechatwala, Pei Sim Kwee, Peck Chuan Yong, Lee Loi Sing and Toh Kee Sung.

The share capital base of EMS will also grow from 1.48 billion to 1.57 billion shares. This represents approximately 5.94% of the existing share capital and 5.61% of the enlarged share capital of EMS.