InnoTek (SGX:M14) is targeting to raise approximately SG$16 million through the placement of up to 24.6 million shares at SG$0.6506 per share, according to a Wednesday filing with the Singapore Exchange.
Shares of the precision components manufacturer were up over 6% in recent Thursday trading.
Concurrently, the company's chief executive officer, Lou Yiliang, will also sell around 6.2 million shares in the company, which he currently holds.
Proceeds raised from the company's share placement exercise will be used for general corporate activities and for general working capital needs.
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