Trans-China Auto (SGX:VI2) provided an update on the use of proceeds of around SG$16.3 million raised from its initial public offering, according to a filing with the Singapore Exchange on Tuesday.
Of the total amount raised following the IPO and listing on Nov. 11, 2021, the company has used around SG$11.3 million on increasing the number of dealerships, expanding and diversifying its business and for general working capital purposes.
The balance to date is SG$5.0 million.
Shares of the automobile distribution company plunged nearly 9% in recent trading.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Comments