Sino Construction shoots up 21% on news of placement

Singapore

SINO Construction's share price rose on Monday morning after the company said it would raise S$6.5 million through the placement of 262 million new shares.

The shares ended Monday's session at S$0.035 each, up 0.6 cent, or almost 21 per cent. More than 42.7 million shares changed hands.

Four individuals have agreed to subscribe to a total of 262 million new shares at S$0.0248 each - a discount of 9.8 per cent to the weighted average price of S$0.0275 for trades done on March 26, 2015. The new shares represent 6.4 per cent of the existing issued share capital of the com…