Daiwa Associate seeks $22m

Electronic component and product maker Daiwa Associate Holdings is to raise $22 million through a placing and subscription deal at 47.5 cents a share.

Two companies controlled by both the president and managing director of Daiwa Associate Holdings are placing 48 million shares, or 20 per cent of existing capital, to independent investors.

The firms will subscribe for 24 million shares each, diluting their holdings from 35.44 per cent to 29.53 per cent of the enlarged capital.