Frencken Group (SGX:E28) is targeting to raise around SG$100 million by placing up to 44.1 million shares at SG$2.2687 apiece, according to a Thursday filing with the Singapore Exchange.
Net proceeds will be used for general corporate activities, including business expansion, strategic investments, mergers and acquisitions.
The placement is expected to be completed on Sept. 3, the filing said.
Shares of the company were down almost 7% in Friday trading.
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