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CNA to issue 58.15m new shares at S$0.052 a share

CNA Group said on Tuesday that it plans to place 58.15 million new shares at S$0.052 each to raise about S$3 million.

The money will be used to repay Esco Pte Ltd, Milestone Engineering & Industrial Pte Ltd, JECT (Thailand Co. Ltd) and West East International Co. Ltd, whose services it had engaged.

The issue price was the volume weighted average price on Oct 20, 2014.

The placements shares represent 13.72 per cent of CNA's existing issued and paid-up share capital and about 12.07 per cent of its enlarged issued and paid-up share capital after the placement.