Mencast Holdings, the marine and oil and gas maintenance, repair and overhaul provider, said it will place out 54.6 million new shares at a price of 27 cents each to two investors.
Wong Swee Chun, founder and chairman of building company Hoi Hup Realty, will subscribe to 45.8 million shares while Goh Kai Kui, Chief Executive Officer of FMCG distributor Goh Joo Hin, will subscribe to 9.3 million shares.
The private placement is expected to raise gross proceeds of $14.8 million which will be used to partially repay existing debt.
The new shares represent 15% of the existing issued and paid-up share capital of the company and 13% of the enlarged issued and paid-up share capital of the company.
Mencast last traded at 24.5 cents a share.
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Wong Swee Chun, founder and chairman of building company Hoi Hup Realty, will subscribe to 45.8 million shares while Goh Kai Kui, Chief Executive Officer of FMCG distributor Goh Joo Hin, will subscribe to 9.3 million shares.
The private placement is expected to raise gross proceeds of $14.8 million which will be used to partially repay existing debt.
The new shares represent 15% of the existing issued and paid-up share capital of the company and 13% of the enlarged issued and paid-up share capital of the company.
Mencast last traded at 24.5 cents a share.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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