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Darco Water says share placement is warranted

CEO rebuts Sofos claims; says this will provide firm with funds needed for working capital, business expansion

Tay Peck Gek

Published Wed, Jan 22, 2020 · 09:50 PM

Singapore

DARCO Water Technologies' board has rebutted a minority shareholder's allegations relating to a proposed share placement. It insisted that the fund raising exercise is justified and will proceed with it.

In the statement filed with Singapore Exchange (SGX) on Wednesday, executive director and chief executive officer Poh Kok Hong explained that the board had obtained mandate from shareholders for the placement.