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Jubilee Industries Holdings Ltd Enters Into Subscription Agreement With Serial System Ltd's SCE Enterprise Pte. Ltd


Monday, 6 May 2013 09:09am EDT 

Jubilee Industries Holdings Ltd announced that the Company has on May 6, 2013 entered into a subscription agreement (the Subscription Agreement) with SCE Enterprise Pte. Ltd. (the Subscriber) pursuant to which, the Subscriber shall subscribe for, and the Company shall allot and issue to the Subscriber, 13,728,000 new ordinary shares in the capital of the Company (the Subscription Shares) at an issue price of SGD0.2316 (the Issue Price) for each Subscription Share amounting to an aggregate consideration of approximately SGD3,179,405 on the terms and subject to the conditions of the Subscription Agreement (the Proposed Placement). The Subscriber is a wholly-owned subsidiary of Serial System Ltd, a company incorporated in Singapore and listed on the Main Board of the SGX-ST. The Proposed Placement will allow the Company to raise gross proceeds of approximately SGD3,179,405, which will be used for general working capital purposes and reducing the borrowings of the Group. Pending deployment of the proceeds of the Subscription Shares for the use identified above, the proceeds may be deposited with banks or financial institutions and/or used for investment in short-term money market and/or debt institutions or for any other purposes on a short-term basis, as the Directors may deem fit. 

Company Quote

0.118
0.0030 +2.61%
8 Jul 2014