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COSCO Shipping International Singapore Co Ltd ( (SG:F83) ) has shared an announcement.
COSCO Shipping International (Singapore) Co., Ltd. has completed a renounceable non-underwritten rights issue, raising net proceeds of approximately S$272.2 million after costs. The capital raise is intended to strengthen the group’s logistics platform through asset development while also improving its balance sheet via debt reduction.
According to the company, about S$149.91 million of the net proceeds has been fully used to repay bank borrowings, reducing leverage and interest obligations. A further S$19.01 million has been drawn to partially fund logistics infrastructure and investment opportunities, including the JILH Phase II project, leaving a remaining balance of S$103.28 million earmarked for future logistics-related expansion.
The most recent analyst rating on (SG:F83) stock is a Hold with a S$0.12 price target. To see the full list of analyst forecasts on COSCO Shipping International Singapore Co Ltd stock, see the SG:F83 Stock Forecast page.
More about COSCO Shipping International Singapore Co Ltd
COSCO Shipping International (Singapore) Co., Ltd. is part of the COSCO SHIPPING group and operates in the logistics and shipping-related services sector. The group focuses on developing logistics infrastructure and related investments, including large-scale projects such as the JILH Phase II development, to support regional and global trade flows.
Average Trading Volume: 2,199,169
Technical Sentiment Signal: Strong Sell
Current Market Cap: S$532.9M
Learn more about F83 stock on TipRanks’ Stock Analysis page.