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Nam Cheong launches rights issue to raise up to $29 mil to fund cash-out option for creditors

PC Lee Published on Mon, Sep 03, 2018 / 3:17 PM GMT+8

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SINGAPORE (Sept 3): Nam Cheong, the Malaysia-based builder of OSVs (offshore support vessel) is launching a rights issue to fund a cash-out option.

The rights issue is part of a scheme of arrangement between the company and its creditors and the cash-out option will enable the company's creditors to convert their debt into cash though a haircut will be applied.

Any net proceeds left will go towards group operations, says Nam Cheong.

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