SingHaiyi Group Ltd. intends to raise net proceeds of about S$143.2 million via a nonunderwritten rights issue of up to 1,435,148,925 new ordinary shares.
The rights shares will be offered at 100 Singapore cents apiece on the basis of one rights share for every two existing ordinary shares.
The company intends to use up to 90% of the net proceeds for property investments, with the rest slated for general corporate purposes.
United Overseas Bank will act as the manager for the issuance.
As of Dec. 26, US$1 was equivalent to S$1.34.