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Teledata to place out up to 240m new shares at 1.02 cents apiece

Published on Jan 7, 2014 8:58 AM

Communications services company Teledata (Singapore) will issue and place out up to 240 million new shares, it said on Tuesday.

The shares will be issued at 1.02 cents each, a 7.3 per cent discount from the volume-weighted average price of 1.1 cents for trades done on Monday.

The mainboard-listed firm expects to reap net proceeds of $2.33 million for the private placement.

These proceeds will be used for general working capital, payment of trade payables and for general expansion of the business.

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