First Reserve to Subscribe to KrisEnergy’s Rights Issue (Asia)

Source: KrisEnergy

Energy-focused private equity firm First Reserve will subscribe to a portion of a SGD169.5 million (approximately US$126 million) rights issue by Singapore-based upstream oil and gas company KrisEnergy. First Reserve will subscribe to 87 million shares, or approximately 20 percent of the issue, for SGD0.39 (approximately US$0.29) apiece, representing a total consideration of SGD33.6 million (approximately US$25 million). KrisEnergy will use the proceeds for capital expenditure to increase near-term production, revenue and cash flow. The rights issue is targeted to be completed by mid-August 2015.