BRC Asia sells new shares at $1.27 each to raise $47 mil

SINGAPORE (Jan 8): BRC Asia, the steel reinforcement solutions provider, says that it has entered into a placement agreement with 15 investors to subscribe for 37 million new ordinary shares at a placement price of $1.27 each.

The consideration payable for the placement is about $46.9 million net of $90,000 in expenses in connection with the placement.

The placement price of $1.27 per share represents a 9.93% discount to the volume weighted average price (VWAP) of $1.42 per ordinary share as at Jan 5.

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