OSIM International has become a substantial shareholder of technology firm Trek 2000 after agreeing to subscribe to 24 million of its new shares and purchase one million treasury shares.
Osim is an existing shareholder of the company and had expressed interest in increasing its investment.
Upon completion of the proposed sale, Osim's stake in the company will increase from about 1.14 per cent to 8.75 per cent.
RHB Securities Singapore has also agreed to procure subscribers to up to two million new shares by way of a private placement.
The 26 million new ordinary shares to be issued represent about 8.75 per cent of the company's existing issued share capital.
The shares will be issued at 43.65 cents apiece.
The net proceeds of about $11.58 million will be used for research and development, as well as general working capital.
INVESTMENT holding firm Ipco International issued a profit warning yesterday for its financial results for the year ended April 30.
The company is expected to report a loss before tax for the full financial year.
The loss is mainly attributable to unrealised fair value loss on financial assets at fair value through profit or loss; allowance for impairment of available-for-sale financial assets; and allowance for impairment of carrying value of property, plant and equipment.
The results will be released on or before next Monday.
In the meantime, the company said its board wishes to advise shareholders and investors to exercise caution when dealing in its shares.