Stock News: Ho Bee sell 120 mln shares placement at 0.9-0.93 each

Ho Bee Investment Ltd said it will sell 120 mln shares at 0.90-0.93 sgd each via a share placement to be handled by DBS Bank as placement agent. Final pricing for the placement will be fixed tomorrow. The net proceeds of 106.6-110.1 mln sgd will be used by the company to repay 75.9 mln sgd of debt, to fund future property developments projects, for working capital and for land acquisition, it said. Ho Bee was suspended from trading this afternoon pending the announcement. It ended the morning session down 0.01 sgd or 1.03 pct at 0. 965, with 38,000 shares traded.