Cedar Strategic Holdings to raise up to $14.7m in rights issue
Cedar Strategic Holdings, an investment company with real estate businesses that is listed on the Singapore Exchange Catalist board, is planning a one-for-two rights issue.
It is proposing a renounceable non-underwritten issue of up to 3 billion new shares at 0.5 cents per rights share, it said in a statement on Monday. Shareholders will be entitled to one rights share for every two ordinary shares they currently hold in Cedar.
The rights issue price represents a 37.5 per cent discount to the last transacted price of 0.8 cents per Cedar share last Friday.
If the rights issue is fully subscribed, the net proceeds Cedar will receive is about $14.7 million, the company said. About $10.3 million of that will be used for real estate development or investment, with the remainder put towards working capital purposes.