Sanli Environmental raises $4 million from placement, wins $105.3 million contract

With the placement, arranged by SAC Capital, its share base will increase by around one-eighth to more than 265 million shares.

CEO Sim Hock Heng notes that this is Sanli's first placement exercise since the company was listed in 2017.

"It represents a meaningful milestone for the group and we are heartened by the strong vote of confidence from investors in our business model and growth potential," he says.

In a separate announcement, the company announced that it has won a $105.3 million contract from PUB for mechanical, electrical, instrumentation, control, automation works for the upcoming NEWater plant located within the Tuas Water Reclamation Plant (WRP).

See also: Clearbridge Health raises $1.98 mil from placement shares; capital to partly fund Elpis Biopharmaceuticals acquisition

This brings its order book to $333.9 million.

The company expects this new project to have a positive impact on its net tangible assets and earnings per share throughout the duration of the project.

Sanli Environmental shares closed at 15 cents on July 9, down 0.68% for the day.