Oiltek listing document registered by Koh Brothers Eco

Palm kernels at a plantation in IndonesiaPalm kernels at a plantation in Indonesia

Koh Brothers Eco Engineering said Friday it has registered the final offer document for the proposed spinoff and listing of its bio-refinery and renewable energy business, Oiltek International

The invitation is an offering of 22.5 million new shares of Oiltek, for which it will seek applications, at S$0.23 each, with gross proceeds of around S$5.18 million expected, Koh Brothers Eco said in a filing to SGX. 

The offering comprises a public offer of 500,000 invitation shares to the public for subscription, and a placement of 22 million invitation shares, the filing said.

After the invitation is completed, Oiltek will have 143 million shares in total, for an estimated market capitalization of around S$32.89 million at the offering price, the filing said. 

Koh Brothers Eco said it would retain around 67.44 percent ownership of Oiltek.

SAC Capital is the sponsor issue manager, underwriter and placement agent for the invitation, the filing said.