Mermaid Maritime Public Company Limited announced on Nov, 13 2025 that it has completely deployed the 56.091 million Singapore dollars in net proceeds raised from its non-renounceable, non-underwritten rights issue completed earlier this year.

After deducting approximately 0.244 million Singapore dollars in transaction expenses, all remaining funds were channelled to general corporate and working-capital needs.

The company detailed that 31.910 million Singapore dollars were used to repay suppliers, 23.044 million Singapore dollars went toward repaying existing loans and related interest—of which 13.442 million was loan principal to its parent company and 9.602 million was accrued interest—and 1.137 million covered employee benefit expenses.

Mermaid Maritime confirmed that the allocation aligns with the intended uses set out in its Feb, 28 2025 rights-issue announcement, leaving no residual balance from the proceeds.