ASL Marine (SGX:A04) agreed to place over 41.1 million shares at SG$0.1703 apiece to raise up to SG$7 million, according to a Monday filing with the Singapore Exchange.

Shares of the company zoomed more than 22% in Tuesday trading.

SAC Capital has been appointed as the placement agent, who has assigned Maybank Securities as the sub-placement agent.

The placement is part of the marine services provider's strategy to improve its trading liquidity.

Meanwhile, proceeds raised from the activity will be used to fund capital expenditures for business expansion.