(EnergyAsia, June 5, Friday) — Teho International Inc Ltd, a Singapore-listed supplier of rigging and mooring equipment and services to the marine and offshore oil and gas industries, said its share price closed 31% higher over its IPO price of S$0.24. (US$1=S$1.44).

Teho’s share price opened at S$0.38 per share before closing at S$0.315 per share for the day, on a total volume of 10.84 million shares.

The company offered 16.8 million placement shares comprising 11.8 million new shares and five million vendor shares, representing 15% of its enlarged share capital of 111.8 million shares.

At S$0.24 per share, the placement is priced at a historical price earnings ratio of three times, based on the company’s net earnings per share of S$0.079 for FY2008 and pre-placement share capital of 100 million shares.

Teho said it raised gross proceeds totalling approximately S$4 million through the placement, which it intends to use to fund possible acquisitions and strategic alliances when opportunities arise, and for itsgeneral working capital purposes.

While Teho does not currently have a formal dividend policy, it said it intends to recommend and distribute at least 20% of its net profit attributable for FY2009 and FY2010 to shareholders.

Teho is a leading supplier of rigging and mooring equipment in Singapore with a history of more than two decades and an established diversified customer base in the marine and offshore oil and gas industries. Its major customers include PSA Group and Tanker Pacific Management (Singapore) Pte Ltd.