Hiap Seng Engineering Ltd announced that it has entered conditional subscription agreement for gross proceeds of SGD 8 million on January 7, 2022. The transaction will include participation from Vibrant Group will subscribe for SGD 6 million and Tian Yuan will subscribe for SGD 6 million. Vibrant Group and Tian Yuan will hold about 48% and 16% respectively of the options-enlarged share capital.

The transaction is subject to conditions including approvals are also required from the Securities Industry Council for a whitewash waiver, SGX, shareholders and JTC.