MIYOSHI said on Thursday that it has agreed to place up to 45 million new shares at S$0.068 each to raise funds for new investments and acquisitions as well as for general working capital purposes.
The placement shares will represent about 9.11 per cent of Miyoshi's enlarged issued and paid-up share capital, excluding treasury shares.
At S$0.068 a share, the placement price is at a 9.93 per cent discount to the volume weighted average price of S$0.0755 for each share, based on trades done on May 31, 2017, when the ageement was signed.
Miyoshi, an integrated engineering group, expects to raise S$2.95 million in net proceeds. CIMB Securities (Singapore) has been appointed the placement agent.
Miyoshi closed at S$ 0.078 a share on Wednesday