Hafary

Hafary: To issue 32m new shares to 3 individuals at $0.20 each of which Mr Ching Chiat Kwong (Oxley) is taking up 30m and will have 23.6% of enlarged share cap. This is a 9.1% discount to VWAP on 17 Oct 2011. Total proceeds of $6.4m expected with $6.0m to be used for investing in tile-related manufacturing facilities and remainder for working capital. Placement is subject to approval by SGX and shareholders.