Corporate digest

Tat Hong

TAT Hong Holdings sank into the red in its second quarter, chalking up a net loss of S$5.4 million, from a net profit of S$4.4 million in the previous year. For the three months ended Sept 30, revenue dropped 20 per cent to S$109.8 million from the preceding year due to lower utilisation of cranes in Singapore and Australia.

The group also announced it is undertaking a rights issue to raise up to S$41.1 million in net proceeds for debt repayment and working capital. The company is proposing to issue up to 125.8 million new shares at S$0.33 each, representing a 27.5 per cent discount to the closing market price of S$0.455 on Nov 14.