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PR Newswire
04-09-2014, 09:12 AM
Ops. I am wrong in assuming the company is able to support the new Singapore strategy with internal resources. The company has to go with placement route instead.
How wrong am I? The placement is at 5.37% discount, and with dilution of close to 8%. Well, it seems not too wrong I am, with the anticipated growth of the new Singapore strategy.
The SGX announcement is here
http://infopub.sgx.com/FileOpen/2014%200...eID=313647
(vested)
Sheng Siong plans placement of 120 mil shares at 67 cents each to raise $80.4 mil
Sheng Siong Group is proposing to place out 120 million shares at 67 cents each.
The placement price represents a discount of 5.37% to the volume weighted average price of $0.708 for trades done on the SGX on Sep 3.
The placement shares represent 7.98% of the enlarged issued share capital of 1.5 billion shares after the issuance and allotment of the new shares.
The placement will allow the company to raise gross proceeds of $80.4 million.
The group intends to use 98% to 99% of the gross proceeds will be used to finance the future expansion plans of the group in Singapore which includes the acquisition of properties for new retail outlets.
Sheng Siong says it intends to continue to distribute up to 90% of its net profit after tax to its shareholders for the financial years ending 31 December 2015 and 31 December 2016 as dividends.
http://www.theedgesingapore.com/the-dail...4-mil.html
How wrong am I? The placement is at 5.37% discount, and with dilution of close to 8%. Well, it seems not too wrong I am, with the anticipated growth of the new Singapore strategy.
The SGX announcement is here
http://infopub.sgx.com/FileOpen/2014%200...eID=313647
(vested)
Sheng Siong plans placement of 120 mil shares at 67 cents each to raise $80.4 mil
Sheng Siong Group is proposing to place out 120 million shares at 67 cents each.
The placement price represents a discount of 5.37% to the volume weighted average price of $0.708 for trades done on the SGX on Sep 3.
The placement shares represent 7.98% of the enlarged issued share capital of 1.5 billion shares after the issuance and allotment of the new shares.
The placement will allow the company to raise gross proceeds of $80.4 million.
The group intends to use 98% to 99% of the gross proceeds will be used to finance the future expansion plans of the group in Singapore which includes the acquisition of properties for new retail outlets.
Sheng Siong says it intends to continue to distribute up to 90% of its net profit after tax to its shareholders for the financial years ending 31 December 2015 and 31 December 2016 as dividends.
http://www.theedgesingapore.com/the-dail...4-mil.html
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