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Tiong Woon in rights issue

December 29 - Singapore-based Tiong Woon Corporation Holding (TWC), an integrated services specialist and provider of infrastructure businesses, supporting oil and gas, petrochemical, power and construction sectors through the planning and design of heavy

Priced at an issue price of USD0.11 each, representing a discount of approximately 48.8 percent to the closing price of USD0.215 per share on the Singapore Exchange Securities Trading as of December 28, 2011.

Ang Kah Hong, group chairman and managing director, said: "The rights issue is to enhance the group's financial flexibility and provide additional funds for expansion and development of the business. We would like to have the option to expand our fleet of heavy lift and haulage assets."

Tiong Woon is headquartered in Singapore and has establishments in Malaysia, Indonesia, Thailand, the Philippines, Vietnam, China, India and Saudi Arabia and is ranked the 18th largest crane owning company worldwide.

It says it is one of only 10 companies in the world to have a single largest crane of 1,600 tonne lift and above, namely, its Terex Demag CC 8800-1 crane. 

Heavy Lift | News

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