Tiong Seng Holdings Gets SGX-ST Approval for \$2M Share Placement to Continental Steel Singapore – January 13, 2025: Tiong Seng Holdings Limited has secured in-principle approval from the Singapore Exchange Securities Trading Limited (SGX-ST) for the listing and quotation of 20,000,000 new ordinary shares. These shares, priced at S\$0.10 each, will be issued to Continental Steel Pte Ltd, generating an aggregate consideration of S\$2,000,000. Key Details of the Proposed Placement Issue Price: S\$0.10 per share Total Shares Issued: 20,000,000 new ordinary shares Aggregate Proceeds: S\$2,000,000 Subscriber: Continental Steel Pte Ltd Approval Date: January 13, 2025 Placement Deadline: Shares must be placed within seven (7) market days from the approval date. Conditions for SGX-ST Approval The approval is subject to the following conditions: Compliance with SGX-ST’s continuing listing requirements. Submission of the following documents: A written undertaking from Tiong Seng Holdings to comply with Rules 704(30) and 1207(20) of the SGX-ST Listing Manual regarding the use of proceeds. Specifically, if proceeds are used for working capital, the company must disclose detailed breakdowns in announcements and annual reports. A written undertaking to comply with Rule 803 of the Listing Manual. A written confirmation that the shares will not be issued to individuals prohibited under Rule 812(1) of the Listing Manual. The company has confirmed that these undertakings and confirmations have already been submitted to SGX-ST. Potential Implications for Shareholders The approval of this placement is a significant development for Tiong Seng Holdings. The issuance of shares at S\$0.10 each represents a potential dilution of existing shareholdings. However, the injection of S\$2,000,000 could bolster the company’s financial standing, especially if used effectively for working capital or growth initiatives. Shareholders should note that the approval in-principle does not constitute an endorsement of the merits of the placement, the company, or its subsidiaries. The placement is still subject to completion, and there is no guarantee of its consummation. Advisory for Investors The Board has advised shareholders and investors to exercise caution when dealing with the company’s shares. Those in doubt about their actions should consult their financial advisors or stockbrokers. Tiong Seng Holdings has committed to providing timely updates on any material developments concerning the placement.
