Tiong Seng

Tiong Seng: Seeks to raise funds as the group proposed a renounceable non-underwritten rights issue of 153.2m new shares at an issue price of $0.18 each, on the basis of one rights share for every five shares owned. The issue price represents a 26.5% discount to the last closing price of $0.245/share. Net proceeds of $27.4m will be mainly used to expand the group's property development and pre-casting business ($13m) and repayment of loans ($14m), while the remaining $0.4m will be used for general working capital needs.