Stock New: Linair Tech plans rights issue of 28.80 mln shares at 0.13 sgd/shr

Linair Technologies Ltd has proposed a 3-for-1 renounceable non-underwritten rights issue of up to 28.80 mln new shares at 0. 13 sgd each, with one free detachable warrant for every two right shares subscribed. Each warrant carries the right to subscribe to one new Linair share at an exercise price of 0.17 sgd. Linair said the rights issue price represents a discount of 29.7 to its closing price of 0.185 sgd today. Assuming the rights issue is fully subscribed, the company said it expects to raise net proceeds of 3.5 mln sgd, which will be used to expand its business in China, the Middle East, and Vietnam, as well as for product development.