Tiong Seng (SGX:BFI) completed the proposed placement of 20,000,000 shares on Jan. 20, according to a same-day filing with the Singapore Exchange.
In an earlier filing, the company had proposed the placement of the shares to Continental Steel at an issue price of SG$0.10 per share for an aggregate consideration of SG$2.0 million.
Proceeds from the share placement will be used for the company's working capital needs.