Huationg Global (SGX:41B) is seeking to raise about SG$7.1 million by issuing up to 11.8 million shares at SG$0.60 per share under a proposed share placement, according to a Singapore Exchange filing on Monday.

Shares of the provider of civil engineering services and inland logistics support were down nearly 1% in Tuesday trading.

The placement exercise has been proposed to improve the company's financial position and allow it the flexibility to take on additional projects and enhance the liquidity of its shares.

The shares to be issued will represent roughly 6.24% of the enlarged issued and paid-up share capital of the company, if fully subscribed.