Beng Kuang Marine Limited has raised some $3.35 million in gross proceeds from a share placement exercise, to help reduce the company’s need for debt financing and other operational needs.

The placement, managed by SAC Capital, is made at 9 cents per share – a discount of 9% off its volume weighted average share price of 9.89 cents on Oct 14.

A total of 37.2 million new shares have been placed out.

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