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Eneco Energy aims to raise $15.7 mil via placement

Eneco Energy is on SGX's watch list since Dec 4 2019

Eneco Energy, which used to be called Ramba Energy, plans to raise some $15.7 million in net proceeds to pay debt and fund new growth.

Under the proposed placement, the company plans to issue up to 1.66 billion new shares at 0.9 cents each and up to 1.66 billion detachable, transferrable warrants at 0.1 cents each.

The placement price of the new shares is a discount of 66% off the company’s volume-weighted average price of 2.65 cents on Feb 28, which was the last market day before trading suspension was called.

As Ramba Energy, the company’s focus was focused on oil exploration. As Eneco Energy, its new focus is in logistics.

The placement is managed by SAC Capital.

According to Eneco Energy, the discount was given to account for factors including the “negative market sentiment and perception” of the company since it was placed on the watch list by SGX on Dec 4 2019.

The discount was also because of the ongoing Russia-Ukraine war which has adversely impacted the global economy and investors’ sentiments, as well as the company’s operations from rising fuel price.

On March 8, Eneco Energy sold a subsidiary called Ramba Energy Investments to Indonusa oil for US$1.

For FY2021 ended Dec 31 2021, the company reported earnings of $1.56 million, down 87.7% from the preceding FY2020.

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