Sincap to raise up to $26m in rights issue

It is eyeing to issue 2.6b new ordinary shares at $0.01 each.

Aluminum and thermal coal trader Sincap Group Limited is eyeing to release over 2.6b new ordinary shares under a rights issue.

The company is offering the said shares at an issue price of $0.01 each.

"The Company is undertaking the Rights Issue to strengthen the financial position of the Company and its subsidiaries. The Rights Issue will also provide the Shareholders with an opportunity to further participate in the equity of the Company," the group said.

Sincap noted that the proceeds arising from the allotment and issuance of the Rights Shares will be used towards expanding the business of the Group, financing business ventures through acquisitions and/or strategic investments and working capital.