Emeco (ASX:EHL) Holdings completes $55 million raising

Company News

by Katrina Bullock

Emeco Holdings (ASX:EHL) has raised $55 million under an institutional entitlement offer at $2.07 per share. 

The offer saw strong support from existing eligible institutional shareholders with take up of 90 per cent under the offer. 

Emeco is looking to raise a further $10 million via a retail entitlement offer. The retail offer will open from 5th February to the 14th February 2020.

The proceeds will go towards the $72 million acquisition of Pit N Portal Mining Services and Pit N Portal Equipment Hire. 

Shares in Emeco Holdings (ASX:EHL) are trading 0.42 per cent lower at $2.27.