Shares of Singapore’s Otto Marine declined as much as 11.1% after the offshore marine firm proposed a rights issue to raise around $75.6 million.
Otto Marine shares were down 9% at S$0.131 on volume of 13.7 million shares, 3.3 times the average full-day volume traded over the past 30 days. The stock was among the top five traded shares by volume.
Otto Marine said on Wednesday it plans to issue up to 945.21 million rights shares at $0.08 each on the basis of one rights share for every two existing shares.
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