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Rex International Holding Ltd. ( (SG:5WH) ) just unveiled an update.
Rex International has announced that its indirect subsidiary Lime Petroleum Holding has confirmed the first settlement of NOK 500 million in New Money Liquidity Bonds issued by Lime Petroleum AS, with proceeds earmarked to fund the Norwegian unit’s obligations and operational needs. On the same day as the bond settlement, all overdue cash calls related to the Bestla and Yme fields in Norway were paid, marking a key step in stabilising Lime Petroleum’s financial position and supporting a broader, ongoing restructuring of the Lime Petroleum group.
The financing is part of a wider effort by Lime Petroleum Holding, Akrake Petroleum Benin and Lime Petroleum AS to work with stakeholders on a comprehensive restructuring solution, while Rex International continues to review its interests in the Lime Petroleum group with legal advisers and has pledged to update the market on any material developments. The company also cautioned shareholders and potential investors to exercise care when trading its shares amid the continuing restructuring process and pending further announcements on the bond financing and its impact on the group’s Norwegian operations.
More about Rex International Holding Ltd.
Rex International Holding Limited is a Singapore-incorporated oil and gas exploration and production group, with operations conducted through subsidiaries such as Lime Petroleum in Norway. The Group focuses on upstream petroleum assets, using its portfolio of interests in fields like Bestla and Yme to drive growth in its core exploration and production business.
Average Trading Volume: 50,250,985
Technical Sentiment Signal: Sell
Current Market Cap: S$122.2M
For detailed information about 5WH stock, go to TipRanks’ Stock Analysis page.