Thursday 28 Mar 2024
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KUALA LUMPUR (Nov 1): T7 Global Bhd, formerly known as Tanjung Offshore Bhd, has proposed a private placement of 10% of its issued share capital to third party investors to fund existing projects.

The oil and gas services provider said the placement of up to 41.97 million shares is expected to raise between RM14.03 million and RM15.53 million.

In a filing today, P7 said the indicative issue price is assumed at 37 sen per share, representing a discount of about 8.42% to its volume-weighted average market price of 40.4 sen for the five-day period ended Oct 31.

Of the expected proceeds, T7 said it will use RM2 million to fund the provision of manpower injection awarded by PRPC Utilities and Facilities Sdn Bhd, RM5 million for the contract to supply and install a battery system awarded by PTS Resources Sdn Bhd, and the rest for the supply of manpower awarded by Repsol Oil & Gas Malaysia Ltd.

Shares of T7 closed unchanged at 41 sen, giving it a market capitalisation of RM154.53 million.

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