TAK Sing Alliance Holdings is to place 45 million new shares or 9.6 per cent of its existing issued share capital to raise $49.5 million. The share placement, underwritten by the New China Hong Kong Corporate Finance, is priced $1.10 a share, representing a six per cent discount over the stock's close of $1.17 yesterday. The 45 million new shares also represent some 8.7 per cent of the enlarged share capital. Completion of the placing, subject to approvals by shareholders and the listing committees, is expected to take place on or before December 7. In an announcement last night, the company said net proceeds of some $47 million in cash would be used as additional working capital and for expansion of its restaurant business. Tak Sing, which went public in 1991, is mainly engaged in the manufacture and distribution of garments and textiles, as well as property investment and development. It also operates Carrianna Restaurants in Thailand and Beijing. The directors believe ''the placing enables the company to further strengthen its working capital position and to enhance its foothold in the restaurant business''.