Stock News: Midas Holding to sell 76.5 mln shares at 0.82 via placement!

Midas Holdings Ltd, manufacturer of aluminium alloy extrusion products and polyethylene pipes in China, may be in focus after it said that it will sell 76.50 mln new shares at 0.82 sgd each via a placement to be handled by Morgan Stanley. Net proceeds of 61.50 mln sgd will be used to fund the 30 mln investment needed to set up a joint venture company, Nanjing Puzhen Rail Transport Co Ltd. The rest of the proceeds will be used to buy new manufacturing equipment and finance the company's working capital requirements, it said. Midas closed off 0.045 sgd at 0.860 yesterday.