ASL Marine has unveiled plans for a heavily discounted rights issue in a bid to help it survive the downturn in the offshore sector.

The Singapore-listed company plans to issue 209.7m new shares at an issue price of SGD 0.12 (8.8 US cents) each in a move that could raise up to SGD 25m.

The non-underwritten rights issue has been priced at a 40% discount to ASL Marine’s closing share price on Friday.

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