Tiong Woon

Tiong Woon: Proposing a 1-right-for-4-shares rights issue at $0.11 per rights share. A total of 92.9m rights shares will be issued. The price is an approx discount of 48.8% to closing price of $0.215. Net proceeds of $10m will be raised with est expenses of $0.2m. The funds raised will be for the general working capital and capital expenditure requirement. The crane operator trades at 11.0x P/B currently. Peer Tat Hong trades at approx 18.5x