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SIIC Environment Holdings Ltd Announces Proposed Placement Of Up To 3,100,000,000 New Ordinary Shares

Monday, 14 Oct 2013 07:17am EDT 

SIIC Environment Holdings Ltd announced that the Company had on October 11, 2013 entered into conditional subscription agreements (Subscription Agreements) with certain placees (Placees), pursuant to which the Company has agreed to allot and issue an aggregate of 3,100,000,000 new ordinary shares in the capital of the Company (Placement Shares) to the Placees, and the Placees have agreed to subscribe for the Placement Shares, at the issue price of SGD0.085 per Placement Share (Issue Price), for an aggregate amount of SGD263,500,000 (the Placement). The Issue Price represents a discount of 13.0% to the volume weighted average price of SGD0.0977 for trades done on the Singapore Exchange Securities Trading Limited (SGX-ST) on October 10, 2013, being the last full market day up to the time the Subscription Agreements were signed. The Company intends to use the Net Proceeds to finance the Group’s business expansion and to enlarge the general working capital of the Group. The Company will make an announcement as to the use of the Net Proceeds as and when such proceeds are materially disbursed and whether such a use is in accordance with the stated use and in accordance with the percentage allocated. Where there is any material deviation from the stated use of proceeds, the Company will announce the reasons for such deviation. 

Company Quote

-0.0030 -2.13%
19 Dec 2014