In an effort to accelerate the growth of its consumer-centric businesses in Singapore, KTL Global will be raising about $3.1 million from a proposed share placement exercise.
Under the terms of the share placement, KTL will issue 30 million new ordinary shares at an issue price of 10.3 cents per share, which represents a discount of approximately 9.9% to the volume weighted average price of 11.43 cents for trades done on the ordinary shares in the company on SGX for the full market day on July 13.
The proceeds will be used for business expansion and working capital purposes in relation to the Group’s growth plans of its consumer-centric businesses in Singapore.
Chin Teck Oon, executive director of KTL says, “We have made good headways with the new team’s background in fresh produce and agricultural trade as well as extensive business networks and experience in the import and distribution of food products. The proposed share placement provide further impetus to accelerate our business plans to build a stronger business foundation based on the positive macro trends of Singapore’s consumer staples market.”
Shares in KTL closed at 11 cents on July 15.
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