Salt Investments has raised $7 million from a group of investors by placing out 2.8 billion new shares at 0.25 cents each, a 16.7% discount off its last traded price of 0.3 cents on May 30.

 

The company, previously called Jasper Investments, is in a fund-raising mode, as it seeks to venture into new businesses under new CEO Dennis Goh.

 

Investors who have come on board thus far include former SGX chairman Koh Boon Hwee and Terence Wong of Azure Capital.

 

On Jan 1, the company announced it was looking for alternative funding after two investors who were supposed to take part in an earlier placement round did not pay up in time.

 

The two individuals were supposed to invest a total of $4 million.

 

In a separate announcement, Salt Investments says it has completed the acquisition of a 60% stake in marine lubricant supplier TT Oil (Singapore) for $6 million.

Salt Investments is looking for alternative funding after two investors who were supposed to take part in a placement did not pay up in time.

 

According to the company on Jan 1, it had reminded Hin Chin Qui and Yip Kean Mun to transfer amounts totalling $4 million by Dec 30 but did not hear from them.

 

SGX requires the placement to be completed by Dec 31. As such, Salt Investments will regard Hin and Yip as having repudiated their respective subscription agreements and will consider claiming damages.

 

However, other investors who are part of this fund-raising had transferred a total of $6.5 million as agreed. They are Wong Shun Lee, Quek Hong Sheng Roy and ROQ Investments. Some 4.3 billion new shares are thus issued and ready for trading on Jan 6. 

 

Salt Investments used to be called Jasper Investments FQ7 . Under new CEO Dennis Goh, the company is acquiring operating assets to capture new growth in the offshore and marine industry which is now seeing an upswing.

 

On Dec 17, Salt Investments announced it is in talks to buy a majority stake in marine lubricant supplier TT Oil (Singapore) from Poly Million Group, which is controlled by Wong, one of the new investors.

 

Other backers of the company include Koh Boon Hwee, former chairman of companies such as SIA and Singtel, and fund manager Terence Wong of Azure Capital.

Salt Investments is exploring the acquisition of a majority stake in marine lubricant supplier TT Oil (Singapore), citing " encouraging improvements and trends" in the offshore and marine market.

 

The company, formerly known as Jasper Investments FQ7 , has on Dec 17 signed an MOU with Poly Million Group, which controls TT Oil, to negotiate a deal on an exclusive basis.

 

Poly Million Group is controlled by one Wong Shun Lee, who is part of a group of investors that are in the process of helping to recapitalise Salt Investments by subscribing for new shares. 

 

Other investors include Koh Boon Hwee, former chairman of companies such as SIA and Singtel, and fund manager Terence Wong, a long-time business partner of Dennis Goh, CEO of Salt Investments.

 

According to Salt Investments in its Dec 19 announcement, the potential acquisition of TT Oil will help bring together the " competitive strengths and combined business and funding networks" of both parties.

 

Separately, TT Oil has earlier agreed to charter a vessel from Prosper Excel Engineering, to replace its existing charter with another ship owner. 

 

Salt Investments, as part of its ongoing bid to grow the offshore and marine business, has recently acquired Prosper Excel.

 

The agreement between TT Oil and Prosper Excel has yet to be finalised.