HG Metal Manufacturing (SGX:BTG) raised SG$19.4 million through its renounceable non-underwritten rights issue, according to a Monday filing on the Singapore Exchange.
The company offered 74.3 million new shares at SG$0.266 each, on the basis of 10 shares for every 27 held.
At the close of the rights issue on Dec. 10, valid acceptances accounted for 35.8% of the shares available, while excess applications reached 82.0%. A total of 87.5 million rights shares were applied for, surpassing the available shares by 17.9%.
The company intends to use the proceeds for core business expansion, working capital, and strategic investments. The rights shares are expected to be allotted by Dec. 16 and listed on the SGX on Dec. 18.
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