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Sheng Siong plans to place out 120m new shares

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Published Thu, Sep 4, 2014 · 10:00 PM

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IN a move to shore up capital for expansion plans, Sheng Siong Group Ltd has proposed a placement of 120 million new shares at 67 Singapore cents per unit via JP Morgan (SEA) Limited.

Announced before trading started on Thursday, the placement is expected to raise gross proceeds of about S$80.4 million.

It comes after Sheng Siong entered into a placing agreement with JP Morgan on Wednesday.

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