Salt Investments has raised some $4.8 million placing out new shares at 0.275 cent to investors including Ginko-AGT Global Growth Fund, Lion Global Investors and Value Partners Hong Kong, as well as certain unnamed individuals.
Salt Investments plans to tap this additional capital to speed up its transformation into a scalable, integrated marine and infrastructure platform.
Specifically, the new capital will be used to support the growth in the company's core business in bunkering and trading, oil waste recycling, and oil lubricants.
The placement of nearly 1.75 billion new shares was managed by Evolve Capital Advisory and Maybank Securities was the sub-placement agent.
These new placement shares have increased the company's share base by 6.71% to more than 26 billion shares.
"This placement represents a pivotal step in Salt’s strategic evolution," says executive director and CEO Dennis Goh.
See also: Salt Investments aims to raise $4.8 mil placing out new shares at 0.275 cent
"By securing growth capital today, we are building the foundation for stronger operational scale, enhanced earnings quality, and sustainable shareholder returns tomorrow," he says.
"Recent geopolitical developments have underscored the resilient fundamentals of the oil and gas industry, as well as the structural gaps that remain.
"At Salt, we are advancing our vision to address these gaps and capture the significant growth opportunities presented by the global macroeconomic situation today," says Goh.
