Tiong Seng to raise $2 million via placement at 10 cents per share

Upon completion of the placement, Continental Steel, in operation since 1982, will hold a 4.34% stake in Tiong Seng.

Tiong Seng says it will use all the net proceeds from the placement for working capital.

In its announcement on Dec 30, Tiong Seng says that placement is a "strategic investment" to "build on the established and robust working relationship between itself and Continental Steel.

"By combining our complementary expertise, we are well-positioned to tackle some of the most critical challenges in urban infrastructure and environmental sustainability,” says Tiong Seng's executive director Pek Zhi Kai.

See also: mm2 Asia seeks to raise $15 mil in proposed placement round at 0.8 cents per share

"This investment represents more than a financial transaction; it is a commitment to advancing sustainable building practices and driving technological innovation in Singapore's built environment sector," says Ronnie Lim, Continental Steel's executive director.

"We believe that by pooling our resources and expertise, we can create more resilient, efficient, and environmentally responsible infrastructure solutions that will benefit our industry and community," adds Lim.