Marco Polo Marine aims to raise some $21 million by placing out new shares at 14.5 cents each so as to fund fleet expansion and renewal.
The company has appointed Maybank Securities to place up to 144.9 million shares.
The placement price of 14.5 cents is a discount of around 9.994% to the volume-weighted average price of 16.11 cents on the last full market day of Feb 20 and noon Feb 23, when a trading halt was called.
The new shares, if all placed out, will enlarge the company's share base by 3.71%.
Just a month earlier, investor Michael Kum paid 13 cents for 150 million shares sold by existing Marco Polo Marine investor Apricot Capital.
Marco Polo Marine shares last traded at 16 cents.
