United Food plans to raise S$10m through share placement
UNITED Food Holdings has proposed a placement of 25.8 million new shares at 39 Singapore cents apiece that will raise some S$10 million to enable the soyabean producer to pursue potential acquisitions or joint-venture opportunities and for general working capital.
The firm, which is on Singapore Exchange's watch-list, inked an agreement on Wednesday to place the shares out to Gu Yulin, Liu Jun and Ting Cheng-Fa - private investors who were introduced to the company by its non-executive chairman Song Yanan.
United Food said the placement price represents a premium of some 3.75 per cent to the volume-weighted average price of 37.59 Singapore cents (about HK$2.126) for the full market day on Wednesday, the day the placement agreements were inked.
At the stock's closing price of 38.5 Singapore cents on Wednesday, the placement price stood at a 1.3 per cent premium.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Capital Markets & Currencies
Mixed trading in Asia as investors watch for further macro data; STI down 0.2%
Vietnam delays launch of new stock trading system
Hong Kong bourse regains favour on hopes of a market revival
Asia: Markets rise as strong US tech earnings offset poor data
Singapore shares open lower on Friday; STI down 0.1%
Stocks to watch: CLI, Great Eastern, MIT, Sheng Siong, iFast, OUE, Far East Orchard