Koh Brothers Eco Engineering Limited (SG:5HV) has released an update.
Meet Samuel – Your Personal Investing Prophet
- Start a conversation with TipRanks’ trusted, data-backed investment intelligence
- Ask Samuel about stocks, your portfolio, or the market and get instant, personalized insights in seconds
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.
For further insights into SG:5HV stock, check out TipRanks’ Stock Analysis page.