Nam Cheong launches 1-for-1 renounceable rights issue to raise up to S$29m
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Singapore
SHIPBUILDER Nam Cheong announced on Monday that under the scheme of arrangement between the company and its creditors, it is launching a non-underwritten, one-for-one renounceable rights issue at a price of S$0.014 for each new share.
The issue price is a 30 per cent discount to the counter's last traded share price of S$0.02 per share for trades done on July 20, 2017, the last trading day immediately before the mainboard-listed company filed a request for its shares to be suspended from trading.
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