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Hong Leong Asia ( (SG:H22) ) has shared an update.
Hong Leong Asia has fully deployed the approximately S$201.1 million in net proceeds raised from its renounceable non-underwritten rights issue launched in 2018. The funds were allocated to repay an acquisition loan, finance plant construction, reduce other borrowings, and support general corporate purposes including strategic investments and acquisitions.
The remaining S$13.1 million of the rights issue proceeds, previously unutilised, has now been used to fund the acquisition of 20,515,000 ordinary shares in Yong Tai Loong (Pte) Ltd. This completes the planned use of rights issue capital and underscores the group’s focus on strengthening its building materials and quarry operations through targeted acquisitions and ongoing upgrading of its Singapore plants.
The most recent analyst rating on (SG:H22) stock is a Buy with a S$3.90 price target. To see the full list of analyst forecasts on Hong Leong Asia stock, see the SG:H22 Stock Forecast page.
More about Hong Leong Asia
Hong Leong Asia Ltd., incorporated in Singapore, is a diversified industrial group with operations that include building materials and related services. The company’s businesses span construction-related activities such as quarry operations and plant facilities, positioning it as a key player in Singapore’s building materials and infrastructure supply chain.
Average Trading Volume: 1,703,686
Technical Sentiment Signal: Buy
Current Market Cap: S$2.47B
For detailed information about H22 stock, go to TipRanks’ Stock Analysis page.