Ocean Sky to raise as much as $21 mil from rights cum warrants issue

SINGAPORE (May 22): Property developer Ocean Sky International is proposing to undertake a renounceable non-underwritten rights and warrants issue to raise as much as $20.9 million.

The net proceeds from the issue will go towards expanding the business, financing business ventures through acquisitions or strategic investments in projects and land development.

Ocean Sky has an existing share capital of 324.9 million shares. It therefore plans to issue up to approximately 162.5 million new ordinary shares with detachable warrants on the basis of one rights share for every two existing shares and one warrant for every one rights share subscribed.

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