AWT World aims for $87m

PUBLISHED : Friday, 01 August, 1997, 12:00am
UPDATED : Friday, 01 August, 1997, 12:00am

AWT World Transport Holdings has announced a placement of 98 million new shares to private individuals and institutional investors, raising $87 million. The placement represents 16 per cent of the enlarged share capital of the company. The shares were offered at 91 cents, a discount of 18 per cent to yesterday's closing price of $1.11. The company said it would use the cash to expand its freight forwarding business and real estate agency network and repay short-term bank loans.