Upon completion of the placement, Continental Steel, in operation since 1982, will hold a 4.34% stake in Tiong Seng.
Contractor Tiong Seng Holdings (SGX:BFI
) is raising $2 million by placing 20 million shares at 10 cents each to its longtime business partner Continental Steel.
At 10 cents, the placement price is a premium of 19.33% to Tiong Seng's last traded price of 8.38 cents on Dec 27.
