Trans-China Automotive (SGX:VI2) is looking to raise net proceeds of about SG$5.7 million through a renounceable non-underwritten rights issue of roughly 294.8 million shares at SG$0.02 per share, according to a Monday filing with the Singapore Exchange.
The rights issue has been proposed to help set off the group's liabilities and to improve its financial position.
Shares of the company were down nearly 3% in Monday trading.
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