Uni-Fuels Secures Additional US$1.26 Mln To Fuel Expansion

KUALA LUMPUR, Feb 5 (Bernama) -- Uni-Fuels Holdings Limited (Uni-Fuels) has announced that its underwriter has fully exercised its over-allotment option, purchasing an additional 315,000 Class A Ordinary Shares at US$4.00 per share. (US$1=RM 4.42)

This generated an additional US$1.26 million in gross proceeds, bringing the total offering to 2,415,000 shares and the total amount raised in its initial public offering (IPO) to US$9.66 million, before deducting underwriting discounts and commissions.

According to a statement, the company's shares began trading on Nasdaq Capital Market on Jan 14 under the ticker symbol “UFG”.

Uni-Fuels intends to use the proceeds from the IPO for scaling up its reselling activities to gain market share from existing and new markets; strengthening its workforce and expanding its market presence in new geographical locations; and as cash reserve and for general corporate purposes.

R. F. Lafferty & Co Inc acted as the sole book-running manager for this firm commitment offering.

Founded in 2021, Uni-Fuels is a fast-growing global provider of marine fuel solutions, helping shipping companies optimise fuel procurement across all markets and time zones.

Backed by a passionate team and a growing presence across multiple locations, it has forged trusted partnerships with customers, supporting them in achieving their operational objectives with confidence, from shore to shore.

-- BERNAMA