Placement for $104m

Construction company Sum Cheong International is proposing to raise $104.1 million through a placing of 19.28 million shares at a price of $5.40 each.

The company, which recently witnessed a battle between major shareholders to win board control, said it would place the shares with independent investors through Singapore-based Tsang & Ong Stockbrokers.

The placing, at a 6 per cent discount to the shares' last close of $5.75 before they were suspended on February 1, represents roughly 20 per cent of existing capital and 17 per cent of enlarged capital.