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Hafary Holdings Ltd Proposes Placement Of Up To 20,000,000 New Ordinary Shares

Tuesday, 5 Feb 2013 07:40am EST 

Hafary Holdings Ltd announced that the Company has on February 5, 2013 entered into a placement agreement (the Placement Agreement) with UOB Kay Hian Private Limited as the placement agent (the Placement Agent). Pursuant to the Placement Agreement, the Company has agreed to allot and issue up to 20,000,000 new ordinary shares in the capital of the Company (the Placement Shares and each a Placement Share) at an issue price of S$0.294 (the Placement Price) for each Placement Share (the Placement) and the Placement Agent has agreed, on a best endeavours basis, to procure subscribers for the Placement Shares at the Placement Price on the terms and subject to the conditions of the Placement Agreement. Assuming that all the Placement Shares are placed out, the estimated net proceeds from the Placement (the Net Proceeds) will be approximately SGD5.8 million (after deducting expenses of approximately S$0.1 million incurred by the Company in connection with the Placement). The Company intends to use the Net Proceeds as follows:- Redevelopment of the property at 18C Sungei Kadut Street 4- Approximately SGD2.0 million will be used to build a 3-storey support warehouse at 18C Sungei Kadut Street 4 for the storage of marble and stone materials; and Approximately SGD3.8 will be used for the purchasing and holding of inventory as the Group's business increase, in particular in relation to its public projects. 

Company Quote

19 Dec 2014