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Provider: Reuters Investment Profile
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Etika International Holdings Ltd Proposes Subscription Of 75,000,000 New Ordinary Shares

Thursday, 6 Dec 2012 05:48am EST 

Etika International Holdings Ltd announced that the Company has on December 06, 2012 entered into a subscription agreement (the Subscription Agreement) with Tee Yih Jia Food Manufacturing Pte Ltd (the Subscriber). Pursuant to the Subscription Agreement, the Company has agreed to allot and issue to the Subscriber, 75,000,000 new ordinary shares in the share capital of the Company (the New Shares and each a New Share) at SGD0.1998 (the Issue Price) for each New Share (the Subscription). Stamford Law Corporation has been appointed as the legal adviser to the Company in relation to the Subscription. The New Shares represent approximately 14.0% of the existing total number of issued and paid-up ordinary shares in the share capital of the Company (excluding treasury shares) (“Shares”) as at the date of this Announcement and prior to the issue of the New Shares. Upon completion of the Subscription, the Subscriber will hold approximately 12.3% of the enlarged issued share capital of the Company. The purpose of the Subscription is to allow the Company to raise gross proceeds of approximately SGD14,985,000 based on the Issue Price. The net proceeds of SGD14,955,000 (after deducting estimated expenses relating to the Subscription) will be used for the following : 50% for capital expenditure; and 50% for working capital of the Group covering the normal daily operating expenditures like payment to suppliers, costs associated with staff, transportation and promotion. 

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