Asiatic Group Holdings Ltd Announces Proposed Placement Of 50,000,000 New Ordinary Shares

Asiatic Group Holdings Ltd announced that it has on March 8, 2013 entered into a subscription agreement with Lim Chye Huat at Bobby Lim Chye Huat (the Placee) pursuant to which the Company has agreed to allot and issue and the Placee has agreed to subscribe for 50,000,000 new ordinary shares in the capital of the Company at an issue price of SGD0.065 for each Placement Share for an aggregate cash consideration of SGD3,250,000 for the Placement Shares. The Placement Shares represent approximately 16.89% of the total number of issued Shares of 296,032,791 at the time the approval for the Share Issue Mandate was granted. The Issue Price represents a discount of approximately 7.14% to the volume-weighted average market price of approximately SGD0.070 for each Share, based on trades done on the Catalist Board of the SGX-ST on March 4, 2013. No introducer fees were paid or are payable to any parties for introducing the Placee to the Company. The Company intends to utilise the Net Proceeds mainly to fund the current energy projects of the Company and its subsidiaries.