If all 53 million shares are placed out to public shareholders, the proportion will increase to 16.9%. The Lim family, led by executive chairman Lim Yong Guan, collectively own around 85% of the shares now.
MoneyMax Financial Services, which is seeking to transfer its listing to the Mainboard, plans to place out 53 million new shares at 83.5 cents each so as broaden its shareholder base, and to raise gross proceeds of some $44.23 million.
Under market rules, at least 15% of the share base is to be in public hands. As of March 16, this proportion was 11.93%.
