Tuas Limited (ASX: TUA), a telecommunications company providing fixed and mobile services, has successfully completed its institutional placement, raising A$385 million at $5.51 per share. The placement, announced on August 11, 2025, is intended to help fund Tuas’s acquisition of M1. The placement price reflected no discount to the last closing price on August 8, 2025, indicating strong support from existing shareholders and new investors alike.
Approximately 69.9 million new ordinary shares will be issued under the placement, utilising Tuas’s placement capacity under ASX Listing Rule 7.1. Settlement of these new shares is scheduled for August 14, 2025. Following the placement, the total number of Tuas shares in circulation will increase to approximately 536 million, with the company estimating that around 68% of these shares will be part of the free float.
Tuas will also offer eligible existing shareholders the opportunity to participate in a share purchase plan (SPP) to raise an additional A$50 million. Shareholders can apply for up to $30,000 worth of new shares. The issue price for new shares under the SPP will be the lower of the Placement Price ($5.51) or a 2% discount to the 5-day VWAP (volume weighted average price) up to and including the SPP closing date. Tuas reserves the right to accept oversubscriptions or scale back applications if the SPP is oversubscribed.
The company has requested an end to the trading halt, which was put in place pending this announcement. The board of Tuas has authorised the release of this information.
