According to an Oct 21 bourse filing, the group has also proposed to issue up to $3.5 million bonds due 2027.
The bonds are expected to be issued at subscription price of 100% of the principal amount of the 2027 bonds and will carry an interest rate of 9% per annum, which will be payable semi-annually in arrears.
Additionally, the 2027 bonds are set to be issued in denominations of $250,000 or integral multiples thereof.
Proceeds from the 2027 bonds are expected to go towards refinancing the existing bonds.
See also: GKE renews lease of property with JTC, to deploy funds raised from recent placement
Shares in Beng Kuang Marine (SGX:BEZ
) closed flat at 25 cents on Oct 21.
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