CCM Group revises rights issue proposal, plans to issue more shares

SINGAPORE - Catalist-listed CCM Group is revising the terms of its proposed rights and bonus issue and plans to expand its scope of investment activities beyond construction and property.

The group now plans to issue 12 rights shares at 0.3 cent apiece for each of its existing shares. It previously said it would offer eight rights shares at 0.5 cent apiece for each existing share.

As such, the number of rights shares will now be 43.1 billion instead of 28.75 billion previously, the group said on Wednesday.

CCM will maintain its plan to concurrently issue one bonus share for each rights share subscribed for. This will also take its total number of bonus shares to 43.1 billion, from 28.75 billion previously announced.

This move will raise between $3.3 million and $129.1 million in net proceeds, the group said. The previous maximum envisioned was $143.5 million in proceeds.

This money will be used to finance the group's investment business and new project opportunities under the group's property development business, particularly in the United States and Australia. Some of it will also go towards general working capital and to pay back some debt.