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Tiong Seng Holdings Ltd Announces Proposed Renounceable Non-Underwritten Rights Issue


Monday, 11 Nov 2013 06:04am EST 

Tiong Seng Holdings Ltd announced that the Company is proposing to undertake a renounceable non-underwritten rights issue (the Rights Issue) of up to 153,207,950 new ordinary shares in the capital of the Company (the Rights Shares) at an issue price of SGD0.18 (the Issue Price) for each Rights Share, on the basis of one Rights Share for every five existing ordinary shares in the capital of the Company (the Shares) held by the shareholders of the Company (the Shareholders) as at a time and date to be determined by the Directors for the purpose of determining the Shareholders’ entitlements under the Rights Issue (the Books Closure Date), fractional entitlements to be disregarde. The Rights Issue will raise approximately SGD27.6 million and the net proceeds of the Rights Issue, after deducting estimated expenses of approximately SGD160,000, will amount to approximately SGD27.4 million (the Net Proceeds). The Company believes that the Issue Price of SGD0.18 for each Rights Share is attractive, and in the opinion of the Directors, there is no minimum amount that needs to be raised from the Rights Issue taking into consideration the intended use of proceeds. The Net Proceeds from the Rights Issue will be used for expansion of the Group’s property development and pre-casting businesses, repayment of loans, and for general working capital requirements of the Group. 

Company Quote

0.17
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30 Oct 2014