Magnus Energy Group has agreed to subscribe to 2.7 million new shares of Flagship at an issue price of 37 cents each or $1 million in total.
Flagship was incorporated in Singapore in 2005 and owns businesses in oilfield services and waste water treatment.
The oilfield services business comprises the leasing out of mobile water treatment units to handle the waste generated by the rigs during drilling operations.
The water treatment business comprises the sale of proprietary water treatment systems to handle produced water in the oil and gas industry, effluent treatment plants for textile factories and other industries, as well as build-own-operate/build-operate-transfer (BOO/BOT) waste-water treatment plants for industrial effluent.
As at as Aug 31, the net book value and the net tangible asset value of the subscription shares is $520,000.
Magnus Energy says the proposed subscription will enable the company to diversify into the water treatment business and participate in water treatment business opportunities in the Asia-Pacific region, thus, allowing the group to tap into new revenue streams and diversify its current business, presenting potential new streams of income through a stable operating model to boost the revenue and profits of the group.
The proposed subscription will be financed from the proceeds of the company’s issue of redeemable convertible notes in 2014.
Magnus Energy closed 11.1% lower at 0.8 cent on Tuesday.
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Flagship was incorporated in Singapore in 2005 and owns businesses in oilfield services and waste water treatment.
The oilfield services business comprises the leasing out of mobile water treatment units to handle the waste generated by the rigs during drilling operations.
The water treatment business comprises the sale of proprietary water treatment systems to handle produced water in the oil and gas industry, effluent treatment plants for textile factories and other industries, as well as build-own-operate/build-operate-transfer (BOO/BOT) waste-water treatment plants for industrial effluent.
As at as Aug 31, the net book value and the net tangible asset value of the subscription shares is $520,000.
Magnus Energy says the proposed subscription will enable the company to diversify into the water treatment business and participate in water treatment business opportunities in the Asia-Pacific region, thus, allowing the group to tap into new revenue streams and diversify its current business, presenting potential new streams of income through a stable operating model to boost the revenue and profits of the group.
The proposed subscription will be financed from the proceeds of the company’s issue of redeemable convertible notes in 2014.
Magnus Energy closed 11.1% lower at 0.8 cent on Tuesday.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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