Annica Holdings (SGX:JFQ) made changes to its rights issue offer information after its non-executive director and substantial shareholder, Lim In Chong, was treated as a foreign shareholder for a portion of his shares.

Shares of the oil and gas services company were down over 3% in Tuesday trading.

Following the reduction of his provisional allotment, a shortfall of 11.1 million rights shares was created from his pro rata entitlement of 11.2 million shares, since he held shares through a CDP securities account where the address was outside Singapore.

He also held shares directly in the company's register of members, where the address was in Singapore.

However, Chong was unable to provide CDP with a local address before the record date, due to which he received a provisional allotment of 168,069 shares instead of 11.2 million shares.

To remedy the situation, Chong signed a side letter to supplement his original undertaking and committed to apply for 11.1 million excess rights shares to make up for the shortfall.