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Jiutian Chemical seeks to raise $10.3 mil in proposed placement of 170 mil new shares

Felicia Tan
Felicia Tan10/19/2020 01:03 PM GMT+08  • 2 min read
Jiutian Chemical seeks to raise $10.3 mil in proposed placement of 170 mil new shares
Under the terms of the agreement, Jiutian Chemical will issue up to 170 million new ordinary shares at 6.03 cents per share.
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Chemical manufacturer Jiutian Chemical Group has entered into a placement agreement with CGS-CIMB Securities in a bid to raise some $10.3 million.

Under the terms of the placement agreement, Jiutian Chemical will issue up to 170 million new ordinary shares at an issue price of 6.03 cents per share, which will amount to an aggregate consideration of up to $10.3 million.

The news came on the morning of Oct 19 before the lunchbreak following the lifting of a trading halt on the counter. Jiutian Chemical requested for a trading halt before the market opened on Oct 16.

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