Amanda Marie Teo

Raffles United proposes $12 mil rights issue; another shareholder called up by CAD

SINGAPORE (Jan 10): Raffles United Holdings is seeking to raise up to $11.7 million by proposing to undertake a renounceable, non-underwritten rights issue of up to 234 million new rights shares at 5 cents each.

This represents a discount of about 39% to the counter’s closing price on Jan 8, the last trading day prior to the announcement.

Assuming full subscription, the net proceeds are estimated to be $11.6 million after deducting about $0.1 million for professional fees and related expenses.

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