LONDON (Alliance News) - KBC Advanced Technologies PLC Thursday said it raised GBP24 million via a share placing with institutional investors, funds it said it will use to target larger projects that are more capital intensive but that carry higher margins, within both the technology and consulting sectors.
KBC, which provides consultancy services and software for the hydrocarbon processing industry, said it placed 20.9 million shares or 25.9% of its enlarged share capital, at a price of 115 pence each in the placing.
KBC shares were trading at 121.00 pence Thursday afternoon, up 1.7%.
"This placing provides the funding that will allow the group to take best advantage of those opportunities, through organic and inorganic investment in our technology offering, the further development of our market reach and an enhanced ability to undertake larger projects," said Chairman Ian Godden in a statement.
The placing was led by Cenkos Securities PLC.
Kongsberg Gruppen ASA, an Oslo-listed company, bought 4.0 million of the placing shares and now has a 5.0% holding in KBC.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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