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LH Group Limited, said on Monday that its proposed conditional placement at S$0.80 per share has received subscriptions for some 10.1 million shares, amounting to about S$8.1 million.
This represents 35 per cent more than the minimum placement target of S$6 million.
The contractor of aluminium works and producer of traction devices and vehicle parts said the conditional placement is supported by Koh Brothers Group Limited (through its wholly-owned subsidiary) and prominent businessmen affiliated with Tang Group of Companies (owner and operator of the Dorsett Hospitality Chain), Home Fix DIY, and Food Empire Holdings Limited. They collectively applied for 57.5 per cent of the total applications received to-date for the conditional placement.
An extraordinary general meeting will be held on Feb 8 to seek shareholders' approval for the allotment and issue of up to 12.5 million conditional placement shares.
LH GROUP is undertaking a reverse takeover deal to acquire real estate fund management company Pacific Star Development.