Shares of Singapore’s offshore marine services firm Beng Kuang Marine <BENK.SI> fell 5.6% to $0.255 at 11:22 a.m. as investors locked in profits after the firm completed the placement of 90 million shares at a discount.

Over 8.5 million shares had changed hands by 11:00 a.m.

Beng Kuang said the shares were placed at $0.21 a share and will list on the Singapore stock exchange today.

“Those who bought the shares through the placement at $0.21 are taking profit now as their shares rose quite a lot in recent weeks,” said a local trader.

Beng Kuang’s shares rose to a near 7-month high of $0.295 on Aug 23, but have fallen 16.4% so far this year.