Triyards to place out 29.5 million new shares at 70 cents each to raise $20.7 million

SINGAPORE (Sept 17): Triyards Holdings is planning to place out 29.5 million new shares at 70 cents each institutional investors to raise up to $20.7 million.

The placement price of 70 cents represents a discount of 8.33% to the volume weighted average price of 76.36 cents per share for trades done on the SGX on Sept 15.

The placement shares also represent 9.1% of the enlarged issued and paid up share capital of the company of 324.5 million shares after the placement.

After deducting estimated placement expenses of $0.69 million, Triyards will receive net proceeds of $19.96 million.

Up to 90% of the net proceeds will be used to fund business expansion, including acquisitions. The balance will be utilised for general corporate purposes and working capital.

Triyards is down 3.95% at 73 cents as of 2:03 pm Singapore time.