Hong Leong Asia (SGX:H22) signed a placement agreement with CGS International Securities Singapore to procure subscriptions for 50 million new shares at SG$2.9 per share to raise SG$145 million, according to a Wednesday filing with the Singapore Exchange.
The placement will provide the company with flexibility to capitalize on growth opportunities, with proceeds to be used for general working capital and corporate needs.
Shares of the manufacturer and distributor of powertrain solutions were down nearly 4% in Wednesday trading.
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