Salt Investments plans to fund business expansion by raising some $4.8 million placing out around 1.75 billion new shares at 0.275 cent each.
At 0.275 cent, that's a discount of 8.3% off the last traded price of 0.3 cent.
Assuming all shares are taken, Salt Investments' share base will increase by 6.71% to more than 26 billion shares, and on a pro forma basis, lift the NTA per share from 0.0836 cent to 0.0965 cent assuming the shares were issued on April 1 2025.
Evolve Capital has been appointed the placement agent and Maybank Securities the sub placement agent.
Salt Investments, led by CEO Dennis Goh, is trying to improve how the marine industry functions.
Just on April 28 it announced a collaboration with another listed company Mencast Holdings to tackle the marine waste market.
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According to Salt Investments, all $4.63 million in net proceeds from the placement will be used to grow its fuel bunkering, oil waste recycling and marine lubricants businesses.
Salt Investments wants to broaden its shareholder base as well, thereby improving its trading liquidity.
