Stock News: Global Testing Corp to sell 245 mln shares at 0.3125 sgd!

Global Testing Corp Ltd said it will sell up to 245 mln shares via placement at 0.3125 sgd per share, with the proceeds to be used to fund its expansion plans. The placement comprises of 175 mln new shares and 70 mln vendor shares, representing about 20 pct and 8 pct of issued shares of the company respectively. The company said it hopes to raise net proceeds of about 52.6 mln sgd from the sale of new shares, a major part of which will be used for the purchase and installation of equipment at its plants. "With these new proceeds, we will continue to undertake growth strategies to enhance value to both existing and new shareholders," Global Testing CEO Paul Yang said in a statement.