Stockmarket

Petrofac plans to raise 180 million pounds to fund bribery settlement -Sky News



© Reuters.

(Reuters) – British oil services company Petrofac (LON:) plans to tap shareholders in a 180 million-pound ($247.54 million)fundraising, Sky News reported on Monday.

The company, which plans to use the funding in part to pay a Serious Fraud Office fine for bribery offences, could make an announcement on its fund raising as early as Tuesday, the report added.

The company was not immediately available for comment outside of UK office hours.

Earlier this month, Petrofac was fined 77 million pounds ($105 million) and a former executive received a two-year suspended sentence after both pleaded guilty to bribery in Iraq, Saudi Arabia and the United Arab Emirates.

The penalty from Southwark Crown Court in London is less than the $240 million the company had said it might face for failing to prevent bribery between 2011 and 2017.

The company said earlier it was looking at refinancing options including debt and fresh equity.

($1 = 0.7272 pound)

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





READ SOURCE

Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.