Green Ocean shares flat on proposed private placement
11 Oct 2017 / 11:45 H.
PETALING JAYA: Green Ocean Corp Bhd's share price was flat at 16.5 sen this morning following its plans to undertake a private placement exercise of up to 10% of its issued shares to raise up to RM3.79 million to finance the company's business requirements.
At 11 am, the stock stood at 16.5 sen with 80,000 shares changing hands. It has a market capitalisation of RM43.4 million.
Yesterday, the group said the private placement will entail the issuance of up to 26.34 million shares.
The board views the exercise as the most cost-effective source of capital to meet its business requirements in the short-term.