United Asiapac Energy (KLSE:UNIPAC) seeks to raise 48.7 million ringgit via an initial public offering on the ACE Market of Bursa Malaysia, according to its Thursday prospectus.
The oilfield services provider's IPO comprises a public issue of 139.2 million new shares at an issue price of 0.35 ringgit per share.
Aside from listing expenses, the proceeds will be used for the acquisition of well intervention tools and equipment, for debt payment, and for working capital requirements.
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