Reuters: Hot Stocks: Singapore's Ezra shares fall after placement

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Singapore's Ezra shares fall after placement Mar 12th 2012, 01:17 SINGAPORE, March 12 | Sun Mar 11, 2012 9:17pm EDT SINGAPORE, March 12 (Reuters) - Shares of Singapore's Ezra Holdings Ltd fell as much as 9 percent to a five-week low after the offshore services firm placed 110 million new shares. By 0905 local time (0105 GMT), shares of Ezra were 7.4 percent lower at S$1.12 with a volume of over 80.4 million shares, making it the most actively traded stock on the Singapore exchange by value. Ezra said it has raised gross proceeds of S$121 million ($97 million) by placing 110 million new shares at S$1.10 each. CIMB Research said proceeds from the share placement should ease Ezra's cashflows as it takes on larger subsea contracts, but it lowered its earnings per share estimates by 6-11 percent for 2012-2014 to reflect dilution from the placement. "We see opportunities to accumulate when Ezra's share price pulls back following the placement," CIMB said in a report on Monday. ($1 = 1.2530 Singapore dollars) (Reporting by Charmian Kok; Editing by Anshuman Daga)

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