SINGAPORE (Sept 22): Allied Technologies is hoping to raise about $33.8 million via a new share placement to private investors.

The group will issue 675.2 million new shares at the price of 5 cents each, which was also its closing price on Thursday.  

After deducting expenses, the net proceeds are estimated to be $33.4 million, 90% of which will be used for expansion through acquisitions, joint ventures and collaborations.

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