Teledata raising $2.3m through placement

TELEDATA (Singapore) Limited is placing out up to 240 million new shares in an exercise that will raise net proceeds of about $2.33 million.

The shares will be issued at 1.02 cents apiece, which represents a discount of 7.27 per cent to the volume-weighted average price of 1.1 cent.

Net proceeds will be used for general working capital, payment of trade payables and general expansion of the business, the communications services provider said yesterday.