KUALA LUMPUR, March 29 (Bernama) -- CBL International Limited (CBL International or the Company), together with its wholly owned subsidiaries announced the closing of its initial public offering (IPO) of 3,325,000 ordinary shares (Shares) at a public offering price of $4 per Share, on March 27 (US$1=RM4.39)
The underwriters exercised their over-allotment option in part for an additional 425,000 Shares on March 23, in which the option was closed with the offering.
As a result, the aggregate gross proceeds of the offering, including the over-allotment, is US$15 million, before deducting underwriting discounts and other related expenses, according to a statement.
The Shares began trading on the Nasdaq Capital Market on March 23 under the ticker symbol BANL.
Proceeds from the offering will be used for enlarging the number of local suppliers to enhance its competitiveness as well as to increase the service options available in the Singapore and South Korea markets.
It will further increase the Company’s business market shares in existing markets; for cash collateral to conduct trade financing activities with financial institutions, thus creating transaction records for further acquisition of bank financing to facilitate its business growth.
The proceeds will also be used for procuring and developing a centralised management information system in order to enhance the Company’s daily management control and treasury management; as well as other working capital and general corporate purposes.
Pacific Century Securities, LLC acted as lead book-running manager of the offering, and Spartan Capital Securities LLC served as co-manager. In connection with the offering, Loeb & Loeb LLP represented as counsel to the Company, and The Crone Law Group, P.C. as counsel to Pacific Century Securities, LLC.
Headquartered in Malaysia, CBL International is an established marine fuel logistics company currently focusing on the Asia Pacific region, providing one-stop solutions for vessel refuelling.
-- BERNAMA
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