The Singapore-listed FSL Trust Management has raised USD 31.4 million (SGD 43.03 million) through its preferential share offering.
On June 4, the trustee-manager of Singapore-based First Ship Lease Trust said it completed the share fundraiser, that included the sale of over 956 million new units.
The company explained that around 430 million of these shares were valid acceptances, while 526 million were excess applications.
The 956 million new units are expected to be allotted and issued on or around June 7, 2019 and listed and quoted on the Main Board of the SGX-ST on June 10, 2019.
In November 2018, FSL Trust explained that the proceeds from the offering would be used to strengthen its financial position and capital base and enhance financial flexibility to renew its ageing fleet.
At the time, FSL Trust said that fleet renewal would be undertaken through the acquisition of new and/or more recently build vessels to meet anticipated market conditions.