Ezion

Ezion: As expected, Co. has announced plans to raise net proceeds of $94.6m from a new share sale placement, priced at 88c/share, with 110m shares priced at 88c/share, representing a 6.6% discount to the Vwap of $0.9422 on previous close.

Shares represent approximately 15.4% of the existing issued and paid-up share capital and represent approximately 13.4% of the enlarged share capital after the subscription. When completed, the Subscription will increase the existing Share Capital from 713,658,000 Shares to 823,658,000 Shares. Proceeds will be used for acquisition of offshore and marine assets.

Overall, we note that effects could be positive, with grp also announcing a contract win yesterday at US$118m, to charter a rig in Mynmmar.

Ratings as follow:
OCBC maintains Buy with $1.18 TP.
Kim Eng maintains Buy with $1.35 TP.
UOB Kay Hian maintains Buy and raises TP to $1.26