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SingHaiyi Group raises S$143.5M from fully subscribed rights issue

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SingHaiyi Group raises S$143.5M from fully subscribed rights issue

SingHaiyi Group Ltd., as expected, raised gross proceeds of about S$143.5 million from its fully subscribed plan to issue rights to 1,435,148,925 ordinary shares at 100 Singapore cents apiece.

SingHaiyi said it received acceptances and valid applications for 1,192,981,679 shares, which reflects roughly 83.13% of all the shares on offer when the rights issue closed March 7. The remaining 242,167,246 shares, meanwhile, were subscribed for by Haiyi Holdings Pte. Ltd.

Issuance of the shares is expected March 14, with the shares to be listed on the Singapore stock exchange March 15 at 9 a.m., local time.

The Singapore-listed company said earlier that proceeds from the offering will be used for property investments and general corporate purposes.

As of March 9, US$1 was equivalent to S$1.32.