ASX:SXEConstruction
Southern Cross Electrical Engineering (ASX:SXE) Is Up 15.5% After Contract-Backed Equity Raise For Expansion Projects
Southern Cross Electrical Engineering recently completed a follow-on equity raising of about A$166 million, including a fully underwritten A$150 million institutional placement and a planned A$15.58 million share purchase plan, issuing roughly 41.4 million new ordinary shares at around A$4.00 per share.
The capital raise was closely tied to new data centre and mining contracts and an upgraded earnings outlook, meaning investors are funding a larger project pipeline rather than balance sheet...