Sing Holdings plans 1-for-2 rights issue to raise $13m
Sing Holdings Limited on Wednesday said it is planning a renounceable underwritten rights issue of 133.66 million new ordinary shares at $0.10 each on the basis of one rights share for every two existing ordinary shares.
The issue price represents a discount of 39.4 per cent from the price of $0.165 per share on the SGX-ST on March 6 2009, being the last transacted price preceding this announcement.
The group plans to use the net proceeds of about $13 million (US$8.44 million) for property development expenses.
Source : Business Times – 11 Mar 2009
