COSCO Shipping International (Singapore) (SGX:F83) said the balance of SG$98.7 million from net proceeds raised from a rights issue was reallocated, according to a Monday filing with the Singapore Exchange.
The amount set aside for the repayment of bank borrowings was SG$98.3 million. However, due to lower bank interest rates, the outstanding bank borrowings were SG$96.7 million.
The company decided to reallocate the difference of SG$1.6 million to partially fund the construction or acquisition of infrastructure and investment opportunities.