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