Far East Group launches 18,800,000 new shares

Dividends of at least 20% of net profit attributable will be distributed to shareholders for each of FY2011 and FY2012.

According to a release, Far East Group Limited, a homegrown comprehensive provider of refrigeration and air conditioning systems and products in the heating, ventilation, air-conditioning and refrigeration industry, launched its placement in respect of 18,800,000 New Shares at S$0.27 each, in conjunction with its listing on Catalist of the Singapore Exchange Securities Trading Limited.

THE PLACEMENT
The IPO of 18,800,000 Placement Shares, represents 26.0% of the Group’s enlarged share capital of 72,320,000 shares. At S$0.27 per share, the Placement is priced at a historical price earnings ratio of 4.2 times based on the Group’s adjusted net earnings per share of 6.4 cents for FY2010 and pre-Placement share capital of 53,520,000 shares. The estimated net proceeds raised from the Placement, after deducting estimated expenses of approximately S$1.6 million, are approximately S$3.5 million.

DIVIDEND PAYOUT
The Directors intend to recommend and distribute at least 20% of the Group’s net profit attributable to Shareholders as dividends for each of FY2011 and FY2012.

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