Civil engineering firm Huationg Global has raised $7.08 million by placing out 11.8 million new shares at 60 cents each.
The new shares are priced at a discount of around 8.73% to the volume weighted average price of 65.74 cents on Jan 23, just before the placement was announced.
Investors of this placement are Lion Global Investors, Ginko-AGT Global Growth Fund, Amova Asset Management Asia, Asdew Acquisitions, Avanda Investment Management, and ICH Synergrowth Fund.
Patrick Ng Kian Ann, executive director and CEO of the company, says he is encouraged by the strong support from both institutional and accredited investors in this placement.
"The successful placement reflects investors’ confidence in the group’s strategy, execution capabilities, and long-term growth potential.
"We remain focused on executing our business plans and delivering sustainable long-term value for our shareholders," he adds.
See also: iX Biopharma's placement upsized to $15 mil, 150% higher over the minimum gross proceeds of $6 mil
The sole placement agent is CGS International Securities Singapore.
