Hubline Berhad intends to raise MYR23.02m ($5.63m) through the issue of shares in a private placement.
The transaction will see the issue of 230,199,183 shares, priced at MYR0.10 ($0.02) each.
UOB Kay Hian Securities (M) Sdn Bhd is acting as the adviser and placement agent for the development.
Damen Shipyards Group has signed a joint venture (JV) agreement with Concordia Group for the construction and delivery of inland waterway vessels.
The JV is set to be known as Concordia Damen Shipbuilding and is expected to result in an increase of the market share of the partners in inland waterways.
Concordia also intends to increase its production capacity, while retaining the company’s corporate identity within the JV.
Vard has received a Nkr2.7bn ($322.8m) contract from Ponant to design and build a new polar expedition cruise ship.
The LNG-powered vessel has been developed by Ponant, Stirling Design International, Aker Arctic and Vard.
The hull will be constructed at Vard Tulcea shipyared in Romania and delivered to Vard Søviknes in Norway for final outfitting.
Delivery of the vessel is currently scheduled for the second quarter of 2021.