Sinostar PEC Holdings (SGX:C9Q) raised SG$44.7 million through a rights issue to fund business expansion and potential acquisitions, according to a Wednesday filing on the Singapore Exchange.

Shareholders subscribed to approximately 66.46% of the 320 million rights shares available, with Intelligent People, the company's controlling shareholder, taking up the remaining 107.3 million shares under its undertaking.

The company intends to allocate all net proceeds toward expanding its operations and acquiring new businesses. Pending deployment, funds may be placed in bank deposits, short-term investments, or other temporary uses.