October 8 - Up to 34 million ordinary shares are to be issued by Tiong Woon Corporation (TWC) raise funds for the acquisition of more heavy lifting equipment.

In a statement issued, the company said it expects to raise SGD27.3m (USD19.5m) in proceeds from the share issue, with half to be invested in heavy lifting equipment and the other half to be used as general working capital.

The share price on offer is SGD0.83 (USD0.59) - a small discount on the volume-weighted average market price of SGD0.8436 per ordinary share.

TWC has entered into a placement agreement with CIMB-GK Securities for the issue of the shares.