The share issue is expected to generate SGD27.3m (USD19.5m) in proceeds, with half to be invested in heavy lifting equipment and half used as general working capital.
The shares are being offered at SGD0.83 (USD0.59) a piece, a 1.6% discount on the volume-weighted average market price of SGD0.8436 per ordinary share.
TWC has entered into a placement agreement with CIMB-GK Securities for the issue of the shares, which has agreed to use its best efforts to procure the subscription and payment for the shares at the issue price of SGD0.83, amounting to an aggregate consideration of up to SGD28.2m.
