Metal Component Engineering is raising $3.3 million in gross proceeds via a placement to fund its move into new business areas of healthcare and e-commerce.
Under terms of the placement, the company will issue 66.53 million new shares at 4.95 cents each, which is a discount of 9.5% to the volume-weighted average price of 5.47 cent on Nov 15.
The shares will be taken up by a group of 15 investors, including Dr Lim Cheok Peng, former CEO of Parkway Holdings and managing director of IHH Healthcare.
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