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HU AN Cable Holdings LTD Enters Subscription Agreements With Kenyon Group Limited And Wu Wing Yeu Michael

Wednesday, 27 Mar 2013 07:49pm EDT 

HU AN Cable Holdings LTD announced that the Company had on March 27, 2013 entered into subscription agreements with each of Kenyon Group Limited and Wu Wing Yeu Michael (collectively the Subscribers), respectively, to allot and issue the aggregate number of 150,000,000 new ordinary shares in the Company (the Subscription Shares), representing approximately 17.4% of the existing issued share capital of the Company as at the date of this announcement, at an issue price of SGD0.12 (the Issue Price) for each Subscription Share (the Subscription Agreements). Each Subscription Share will be issued at the Issue Price of SGD0.12, which represents a discount of approximately 6.9% to the weighted average trading price of the shares of SGD0.1289 for trades done on the Singapore Exchange Securities Trading Limited (the SGX-ST) on March 27, 2013. Based on the Issue Price, the net proceeds to the Company in respect of the Subscription Shares is approximately SGD17,985,000 after deducting all costs and expenses payable in relation to the Placement amounting to approximately SGD15,000. The Company intends to use the entire amount of the net proceeds as the general working capital of Shenhuan Cable Technology Co., Ltd, a wholly owned subsidiary of the Company 

Company Quote

-0.0020 -3.57%
19 Dec 2014