GSH Corporation Limited on Jun, 17 2025 announced a renounceable, non-underwritten rights issue of up to 85.78 million Singapore dollars in principal amount of 5.30% one-year convertible bonds.

Eligible shareholders will be offered seventeen bonds for every 400 existing shares held on a record date to be set by the board, with each bond priced at 1.00 Singapore dollar and convertible into shares at 0.17 Singapore dollar apiece, a 3.66% premium to the previous close of 0.164 Singapore dollar.

Executive chairman and controlling shareholder Dr Sam Goi, who owns about 63.66% of GSH, has given an irrevocable undertaking to take up his full entitlement and apply for excess bonds, up to 83.78 million Singapore dollars, using the proceeds from the redemption of his 2024 convertible bonds.

Net proceeds of at least 83.5 million and up to 85.5 million Singapore dollars, after an estimated 0.3 million Singapore dollars in expenses, will mainly refinance the company’s 2024 convertible bonds maturing in Oct, 2025, with any remainder earmarked for repaying revolving loans.

GSH will apply to list both the new bonds and any conversion shares on the Singapore Exchange. Completion of the offer is subject to regulatory approvals and the lodgement of an offer information statement with the Monetary Authority of Singapore. The company said it has sufficient working capital for current needs and will update shareholders on the progress of the transaction.