Kreuz Holdings has utilised approximately S$7.92m ($6.27m) raised from the issue of placement shares on purchasing a dive support vessel, Seatrade Asia online reports. The Singapore-listed company had raised about S$16.6m from the placement of 50,000,000 new ordinary shares in its share capital.
On April 5, Kreuz Subsea Marine had inked an agreement to acquire a dive support vessel at a price of some $22m from an unnamed seller. Kreuz announced that the proceeds raised from the placement of shares will go to the acquisition of assets including vessels and working capital.
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