Hong Lai Huat Group (SGX:CTO) secured approval from Singapore's Securities Industry Council to replace its pricing formula with a fixed issue price of SG$0.03 per placement share, according to a Tuesday filing on the Singapore Exchange.
The move follows shareholder feedback seeking price certainty before voting on the proposed placement and whitewash resolution.
The fixed price is subject to an independent adviser's review and shareholder approval if it exceeds a 10% discount to the day's weighted average price.
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