Metrocon raises $4.6m from 23-million-share placement

The proceeds will fund growth initiatives.

Metrocon Holdings Limited, formerly known as Hatten Land, raised gross proceeds of $4.6m from a compliance placement of 23 million new ordinary shares at $0.20 each.

The company said the proceeds will mainly fund growth initiatives, including upgrading its Building and Construction Authority registration to Grade L6 under the CR08 piling works workhead.

It added that the funds will be used to strengthen its workforce and pursue business expansion opportunities.

Trading in Metrocon’s shares under its new name is expected to begin on 15 September.

The placement increased the company’s issued and paid-up share capital to about 176.9 million shares from 153.9 million shares.

Metrocon’s public float stood at about 26.2% of its enlarged share capital, comprising 12.6% held by scheme creditors, 13% by investors under the compliance placement, and 0.6% held by other public shareholders.

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