About SGD20m will be used for expansion of the business in China, and the rest will be used for general working capital.

“We are on track with our strategy of expansion in China and will be forging ahead with plans to take advantage of vibrant opportunities in the Chinese equipment rental sector,” said Roland Ng, Tat Hong president and CEO.

The share placement, which is completely placed out, primarily institutional investors in the UK and Europe, depends on the approval in principle of the Singapore stock exchange, the company said.