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Tat Hong announces rights issue

Singapore based crane group Tat Hong is planning to issue 125.8 million new shares priced at a discounted rate of 33 cents in order to raise around s$41 million.

Five major shareholders - including the principle directors- representing 55.4 percent of the equity, have agreed to take up the offer. Ng Chwee Cheng has also agreed to purchase up to 28 million shares unsubscribed shares.

Of the funds raised $20.4 million will be used to pay down debt, while the balance will be used to ongoing working capital.

The company currently has 627.6 million shares outstanding.