Koh Brothers Eco Engineering plans $27.6m rights issue

Up to 563.6 million rights shares will be issued at $0.049 apiece.

Koh Brothers Eco Engineering Limited is proposing to raise approximately $27.1m in net proceeds through a renounceable underwritten rights issue of up to 563.6 million new shares.

In a bourse filing, the rights issue is expected to generate gross proceeds of approximately $27.6m, with estimated expenses of $0.5m, assuming full subscription.

Assuming full subscription, the rights issue is expected to generate gross proceeds of approximately $27.6m, with estimated expenses of $0.5m.

The rights shares would be issued at $0.049 each, on the basis of one new share for every five existing shares held by eligible shareholders.

The group said it intends to use the net proceeds to fund its working capital requirements, including operational and administrative expenses and payments to subcontractors and suppliers involved in its construction projects.

The funds will also be allocated towards capital expenditure and/or repayment of bank borrowings.

The company has yet to determine the record date for shareholders entitled to participate in the rights issue.

Fractional entitlements will be disregarded.

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