EDBI, the venture capital arm of the national economic promotion agency Singapore Economic Development Board (EDB), first invested in Mooreast via a convertible bond ahead of its November 2021 IPO, which was priced at 22 cents.
EDBI, a substantial shareholder of Mooreast Holdings (SGX:1V3
) , sold its entire stake of 29.5 million shares or an 11.4% stake for $3.4 million to a fund managed by August Global Partners via a married deal on April 24. This works out to an average price of 11.5 cents per share sold.
AGP was spun out of EDBI last November with an initial asset under management of $250 million. Chu Swee Yeok, a longtime former CEO of EDBI, is the chair and founding partner of AGP. Another founding partner Basil Lui was the managing director of EDBI while Davian Sim, managing director for investments at AGP, was once EDBI’s senior principal of investments.
