Singapore Exchange (“SGX”) is pleased to welcome the listing of Atlantic Navigation Holdings (Singapore) Limited (“Atlantic Navigation”) on Catalist, under the stock code of “5UL”.
Fastube Limited (“Fastube”) acquired Atlantic Navigation for a consideration of S$146 million, satisfied by an issue of shares by the company. As part of the exercise, Fastube was renamed as Atlantic Navigation and placed out 17,000,000 shares to new investors at S$0.64 per placement share, raising S$10.88 million. The net proceeds received will be used for expansion of its fleet and general working capital.
Established in 1997, Atlantic Navigation provides marine logistics services, ship repair and maintenance services to the marine and oil and gas sector in the Middle East. It also provides afloat and drydock repair and maintenance services to customers in the shipping industry and its owned and managed vessels.
Mr Bill Wong, Chairman and CEO of Atlantic Navigation, said: “We are proud to achieve the milestone of listing on SGX Catalist and view the listing as a strong platform to execute our growth strategy. Going forward, we are confident that the listing will open up opportunities in the Southeast Asia region for Atlantic Navigation and also lead to business alliances in the region to expand our service and product offerings in our core Middle East markets.”
“We are pleased that Atlantic Navigation has chosen to list on Catalist for its expansion in South East Asia, building on its strength in Middle East. The listing of Atlantic Navigation adds to SGX’s Maritime and Offshore Services sector and adds to investment choices for our global investor base,” said Mr Lawrence Wong, Head of Listings, SGX.
Atlantic Navigation, with a market capitalisation of S$164.88 million brings the total number of companies listed on Catalist to 140 and brings the total number of SGX-listed Maritime and Offshore Services related companies to 45 with total market capitalization of S$56 billion.
