Koh Brothers Eco Engineering Limited (SG:5HV) has released an update.
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Koh Brothers Eco Engineering Limited has updated shareholders on the use of net proceeds from the issuance of 810 million new shares to Penta-Ocean Construction Co., Ltd., stating that the funds have been allocated for business expansion and general working capital. A total of 36.87 million SGD was raised, with 30% spent on acquiring technology and equipment for the Group’s core works, and 70% used for repaying bank facilities and payments to suppliers. The company assures that the usage of funds is in line with the purposes disclosed in their May 2021 circular.
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