TT International to raise $24.8m from placement

CONSUMER electronics and furniture group TT International (TTI) expects to raise net proceeds of $24.8 million from a proposed placement of up to 167.3 million new ordinary shares at 15.45 cents each.

The price is a discount of approximately 9.9 per cent from the volume-weighted average market price of 17.15 cents per share for trades done on June 13.

TTI intends to use approximately 60.4 per cent, about $15 million, for capital expenditure of its warehouse retail project in Jurong. The balance will be used for the same project's financing costs and working capital requirements.