Trans-China Automotive (SGX:VI2) provided an update on the use of proceeds of SG$16.3 million it raised from its initial public offering, according to a filing with the Singapore Exchange on Friday.
The company has used up all the proceeds with around SG$5.0 million spent on the renovation and parts purchasing for the Chongqing BMW store. The remaining amount was used for the construction of a dealership in Guangzhou and the construction of Shenzhen BMW service center.
Shares of the company crashed nearly 17% in recent trading.
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