Steel prefab firm BRC Asia looking to raise S$47m in placement

STEEL prefabrication firm BRC Asia is looking to raise S$46.99 million to build up its war chest to finance opportunities for investments, acquisitions, alliances, joint ventures and expansion of businesses opportunistically.

On Sunday, it announced that it has entered into a placement agreement with 15 investors who have agreed to subscribe for 37 million new company shares at S$1.27 each.

The placement price represents a 9.93 per cent discount to the volume weighted average price of S$1.41 for trades done on Jan 5, 2018.