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CosmoSteel forms alliance with Japanese steel trader Hanwa

Singapore

SUPPLIER of piping system components to the energy and marine sectors, mainboard-listed CosmoSteel Holdings on Monday announced it has entered into a subscription agreement with Tokyo-listed Japanese steel trader Hanwa to raise S$15.3 million.

The two companies have also formed a strategic alliance to reinforce business prospects.

CosmoSteel will issue 26.4 million new shares at S$0.58 each to Hanwa, representing about 10 per cent of CosmoSteel's existing issued share capital, and a 48.7 per...

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