CNA Group to place out 119m new shares at S$0.0335 each

CNA Group on Tuesday announced a proposed placement of some 119 million new shares priced at S$0.0335 each that could raise up to S$3.79 million in net proceeds.

These, said the mainboard-listed company, will be used for general working capital, investments and selected acquisitions in China.

HD Capital Holding has agreed to subscribe to all of the 119 million new shares.

The issue price of S$0.0335 for each share represents a discount of less than 10 per cent to the volume weighted average price of S$0.0374 for trades done on CNA Group shares on the Singapore Exchange for five traded days prior to and including Feb 2, being the market day on which the placement agreement was signed.