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CCM Group proposes rights issue, name change, new businesses

Published on Jul 15, 2014 12:22 PM

SINGAPORE - CCM Group, a construction and property company listed on the Singapore Exchange Catalist board, will seek the approval of its shareholders in an extraordinary general meeting to raise new capital, change its name and diversify into information technology.

This comes after the group recently sold CCM Industrial, a wholly-owned subsidiary involved in construction activities in Singapore that had incurred major losses last year.

The group is planning to issue 12 rights shares at 0.3 cent each for every existing share and one bonus share for every rights share subscribed for. This will raise a minimum of $3.3 million in net proceeds for the group.

It is also seeking to change its name to Singapore eDevelopment Limited to reflect its expanded business activities including software and hardware development and investing in businesses providing IT-related services to end-users, service providers and other commercial users.

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