CCM Group

CCM Group: Group issued 35m shares in a private placement of $0.086/share (4.4% discount to last close), raising a total of $3.01m. The company intends to use the proceeds for the general working capital, as well as the proposed upgrading of the Group’s financial grading with the BCA for building development from A2 to A1 status, allowing the Group to tender for larger Government projects. The placement shares went to Hengfai Strategic Investment, which is led by Chan Heng Fai, more recently known when he sold majority of his stakes during the RTO of SingHaiyi. Post placement, Hengfai Strategic Investment emerged as the 2nd-largest shareholder of CCM with a 27.5% stake, following the CEO of CCM, Joseph Liew's, stake of 42.8%. CCM intends to increase its order book from its current $209m and to raise its business and investor profile with a view to growing its businesses and enhancing shareholder value.