Sin Heng

Sin Heng: Group proposed a renounceable underwritten rights issue of 115m new shares at an issue price of $0.16 per rights share, on the basis of 1-for-4 existing shares. Issue price of $0.16 is at a 33% discount to its last closing price of $0.24 and 28.6% to the theoretical ex-rights trading price of $0.224/share. Net proceeds of $17.9m will be raised, with 50% to be used for expansion of the group's business and operation, 28% to reduce its debts and 22% will be utilised for its general working capital. The group will lodge the Offer Information Statement for the rights issue following the approval-in-principle from SGX. UOB Kay Hian and Canaccord Genuity Singapore will be the joint underwriters for the rights issue. Sin Heng lifted its trading halt at 12.45pm.