Swiber aims to raise $45m via rights issue

The shares are almost 50% cheaper than its last traded price.

Swiber Holdings has proposed a renounceable rights issue to raise net proceeds of about $45m on the basis of one rights share for every two existing ordinary shares.

The issue price for each rights share is $0.15, which is at a discount of about 49% to the last traded price of $0.295 per share on 30 Dec.

According to OCBC, two major shareholders have undertaken to subscribe for an aggregate of up to 152.8m rights shares, or 50% of the maximum number of rights shares.

“Though current share price valuations are low, we prefer to remain cautious due to 1) likely core net losses in FY14 and FY15, 2) uncertain order flows amidst a competitive and slowing industry, 3) accounts receivables that remain high, and 4) a steadily rising net gearing. Assuming that all the rights shares are taken up, our fair value estimate drops from S$0.34 to S$0.24 (based on 0.3x FY15 P/NTA),” stated OCBC.

If you've been wondering whether SBR could work for your company — yes, probably.

A lot of the companies we partner with started as readers. They'd been following our coverage for a while, saw their own customers and competitors in it, and eventually asked the obvious question: could we do something with you? The answer is usually yes. The shape of it depends on what you're trying to do.

The options are broader than most people assume — thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. Some partners use one channel; most use a mix. We figure out the right combination by starting with your brief, not with our rate card.

So if the question has been on your mind, here's the easy way to ask it.

We'll tell you honestly whether we can help, and how. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia