Innopac to raise $30.8m by issuing 250m new shares to hedge fund
Singapore-listed investment firm Innopac Holdings will raise $30.8 million by issuing 250 million new shares to Platinum Partners Value Arbitrage Fund, the company said on Tuesday.
The fund has agreed to subscribe for the shares at 12.32 cents apiece, which represents a discount of about 9.94 per cent to the weighted average price of 13.68 cents per share between last Friday and 11.29am yesterday, before Innopac's shares were halted from trading. The company has requested the trading halt to be lifted.
Innopac plans to use the net proceeds of $29.79 million to fund its working capital needs and any growth and expansion opportunities that may arise.
After the subscription is completed, Platinum Partners Value Arbitrage Fund will hold about 7.9 per cent of the enlarged share capital of Innopac, the company said.