Food Empire (SGX:F03) is looking to raise around SG$41.7 million in net proceeds from the placement of 17 million shares at SG$2.52 per share, according to a filing with the Singapore Exchange on Tuesday.
Shares of the company were down nearly 1% in Wednesday trading.
The company has agreed to appoint UOB-Kay Hian (SGX:U10) as a sub-placement agent for a period of 30 days.
Proceeds raised from the activity will be used for working capital purposes.
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