SINGAPORE (Feb 25): Nico Steel is planning a rights issue to raise some $1.18 million in net proceeds to fund capital expenditure of its factory space.

Shareholders are entitled to subscribe for 1 new rights share for each four shares they now own, at a price of 0.1 cent apiece. Nico Steel last traded at 0.3 cent.

A total of more than 1.24 billion new shares will be offered.

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