DeClout chairman Vesmond Wong previously, in 2000, founded Cavu, an IT infrastructure service provider that was acquired by MediaRing in 2007. Photo: CompanySGX-Catalist listed DeClout Limited said its rights issue attracted valid acceptances of 89,383,385 rights shares and excess applications for 62,731,004 rights shares.These represent approximately 149% of the total number of rights shares available for subscription.
102,253,840 rights shares will be issued today (25 Oct), raising approximately S$11 million after deducting estimated expenses.
The net proceeds will contribute to a healthier balance sheet and reinforce the Group’s capital structure.
This will enable the Group to have more flexibility in tapping growth opportunities for its IT Infrastructure Services -- which is its current core business segment -- and Vertical Domain Clouds (VDCs) segments.
The latter relates to vibrant, self-contained and scalable ecosystems or communities, especially in the gaming industry.
Mr Vesmond Wong, Chairman and Group CEO of DeClout, said: “The overwhelming response to the right issue exercise is a reflection and affirmation of shareholders’ confidence in our business model and growth strategy. With a strong mandate received from our shareholders, we will deliver growth by scaling up our IT Infrastructure Services segment while looking out for more opportunities in our VDCs segment.”
DeClout operates out of Singapore, Malaysia, Indonesia, United States and the PRC, and plans to extend its reach globally.
Tiong Seng Contractors will use efficiency-enhancing technologies for Mapletree project in Ayer Rajah area, including precast construction, Cobiax and advanced formwork systems.THIS IS an artist impression of a 7-storey industrial building in one-north, off Buona Vista Road, which Tiong Seng Contractors has won a $42.7-m contract to build.
With that, the parent, contractor and property developer Tiong Seng Holdings, sees its order book swell to $1.1 billion.
The latest contract was secured from DBS Trustee Ltd (as Trustee of Mapletree Industrial Trust).
Pek Lian Guan, CEO of Tiong Seng Holdings. File photoTiong Seng will be responsible for the design and build of the industrial building through its offering of a suite of industry leading construction technology.
This includes precast construction, Cobiax technology and advanced formwork systems. (For our previous story on these technologies, click here)
With that, the parent, contractor and property developer Tiong Seng Holdings, sees its order book swell to $1.1 billion.
The latest contract was secured from DBS Trustee Ltd (as Trustee of Mapletree Industrial Trust).
Pek Lian Guan, CEO of Tiong Seng Holdings. File photoTiong Seng will be responsible for the design and build of the industrial building through its offering of a suite of industry leading construction technology.This includes precast construction, Cobiax technology and advanced formwork systems. (For our previous story on these technologies, click here)
These will enhance productivity, reduce reliance on labour, raise quality standards and ensure timely delivery of project.
The total site area is about 10,214 sq m and has a Gross Floor Area of about 35,750 sq m.
The building, which will have underground tanks, would be primarily used as a data centre with offices.
While this is the first design and build project for industrial building by Tiong Seng, it has a good track record with similar design and build projects for residential projects such as Eco Sanctuary and The Glyndebourne.
While this is the first design and build project for industrial building by Tiong Seng, it has a good track record with similar design and build projects for residential projects such as Eco Sanctuary and The Glyndebourne.
Mr Pek Lian Guan (白連源), CEO of Tiong Seng Holdings, said: “We are pleased to have secured this contract from Mapletree Industrial Trust and this brings Tiong Seng’s order book to approximately S$1.1 billion for FY2013. We will continue to focus on the advancement of our construction technologies to give us a competitive edge in the industry”.
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