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 Be the first to like this.   0549617 Sheng Siong Group is proposing to place out 120 million shares at 67 cents each. The placement price represents a discount of 5.37% to the volume weighted average price of $0.708 for trades done on the SGX on Sep 3. The placement shares represent 7.98% of the enlarged issued share capital of 1.5 billion shares after the issuance and allotment of the new shares. The placement will allow the company to raise gross proceeds of $80.4 million. The group intends to use 98% to 99% of the gross proceeds will be used to finance the future expansion plans of the group in Singapore which includes the acquisition of properties for new retail outlets. Sheng Siong says it intends to continue to distribute up to 90% of its net profit after tax to its shareholders for the financial years ending 31 December 2015 and 31 December 2016 as dividends. 04/09/2014 4:27 PM queenfit its proposal only.. can drop to 67 cents. No meaning to the right issue then? 04/09/2014 5:04 PM | APPS  I3 Messenger Individual or Group chat with anyone on I3investor
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