19.09.2012

Tat Hong raises $82 million for cranes

Singapore based crane company Tat-Hong has raised S$82.1 million ($67 million) by issuing and placing 70 million new shares. The new stock increases the number of shares outstanding by just over 12 percent.

The move is intended to strengthen the company’s balance sheet, expand facilities and to purchase new cranes to meet growing rental demand.

Managing director Roland Ng said: “As the largest crane company in the Asia Pacific, Tat Hong is in a unique position to benefit from the tremendous growth opportunities present in the booming infrastructure, construction and engineering, oil and gas, and resources sectors in the Asia-Pacific region. The placement is timely as the proceeds will be used to expand our crane fleet to meet rental demand, acquire land and buildings in Singapore and Malaysia to house our expanded cane fleet and operations and for general corporate funding purposes.”

“A stronger balance sheet post-placement would also put us in a better position to respond to growth opportunities going forward.”