Tat Hong Holdings - OCBC Investment 2017-01-09: Books closure date on 16 Jan

Tat Hong Holdings - OCBC Investment 2017-01-09: Books closure date on 16 Jan TAT HONG HOLDINGS LTD T03.SI

Tat Hong Holdings - Books closure date on 16 Jan

  • With regards to Tat Hong Holdings’ rights issue, note that the books closure date would be on 16 Jan 2017. 
  • Recall in Nov, Tat Hong announced that it will be undertaking a renounceable underwritten rights issue to raise ~S$41.1m in net proceeds through a 1 for 5 rights issue at S$0.33/share. 
  • Proceeds will be used for debt repayment and working capital purposes. 
  • Group CEO Mr Ng San Tiong and certain persons acting in concert with him, have provided irrevocable undertakings to subscribe for up to 77.6% of rights shares. 
  • Given the cloudy outlook for operations, we do not see a significant pick-up in the near future and efforts would likely continue to be focused on operational restructuring and cost containment. 
  • We have a HOLD rating and fair value of S$0.40 on the stock.




Jodie Foo OCBC Investment | http://www.ocbcresearch.com/ 2017-01-09
OCBC Investment SGX Stock Analyst Report HOLD Maintain HOLD 0.400 Same 0.400



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