Piling, machinery trading and property group Tysan Holdings is proposing to raise up to $68 million through the issue of 6 per cent convertible redeemable notes on an open offer, one-for-three basis to existing shareholders at 28 cents each. The notes will be transferable in board lots of a $1,680 nominal value, convertible into 6,000 new shares at the initial conversion price of 28 cents any time after December 31, 2000 and up to March 31, 2002. Directors said the net proceeds would be used to boost working capital and 'guard against any unforeseen economic and financial uncertainty'. Tysan Holdings chairman Henry Lai, company vice-chairman Francis Cheung and Power Link Investments and their associates, who collectively own 37.5 per cent of the company, will take up their entitlements, amounting to $25.6 million of the total proceeds. The balance of the offer is being underwritten by Upbest Securities.