The placement shares represent approximately 49.9% of the existing issued and paid-up share capital (excluding treasury shares) of the company as of May 25.
Transit-Mixed Concrete has entered into a placement agreement with seven investors, who have collectively agreed to subscribe to 34.7 million new ordinary shares at an issue price of 14 cents per share for a total of $4.86 million.
The issue price represents a 7.7% premium to Transit-Mixed Concrete’s volume-weighted average price (VWAP) of 13 cents as of May 18, the last day on which shares of the company were traded.
