Yongnam floats 104.5m placement of fresh shares

Share prices will be set at 7.6 cents per unit.

Yongnam Holdings plans to raise up to $7.9m, by placing up hundreds of millions of new shares on the Singapore Exchange.

In a bourse filing, the steel fabricator announced its plans to place 104.5 million new shares, at an issue price of 7.6 cents per unit.

This is 1.3 cents lower than the last traded price of 8.3 cents per unit last Monday.

The proceeds will wholly go to the company's general working capital.

"The Board is of the view that the Proposed Placement is beneficial to the Company and its subsidiaries (the “Group”) as it will augment its working capital which includes meeting its project expense and other operating expenses of the Group," Yongnam said in a statement.