![GDS Global’s controlling shareholder to sell 50.45% stake in company for $3.4 mil [update]](https://edgemarkets-transferred.s3-ap-southeast-1.amazonaws.com/styles/article_detail_v2/s3/default-pic_0_41_2_0_5_0.jpg)
D’Oasis is seeking to sell the shares at 6 cents apiece, or $3.39 million in total. The placement price represents a premium of 100.0% to the volume weighted average price (VWAP) of 3 cents per share for the trades done on Aug 24. Aug 24 is the full market day on which GDS’s shares were traded prior to the date of the signing of the placement agreement and prior to the trading halt called by the company.
D’Oasis, the controlling shareholder of GDS Global (SGX:5VP
) , has entered into a placement agreement with SAC Capital, the placement agent, to sell up to 56.5 million shares in GDS Global. The shares represent about 50.45% of the total issued share capital in the company.
Under the agreement dated Sept 6, D’Oasis has agreed to sell the shares via a placement while SAC Capital has agreed, on a “best endeavours basis”, to procure the purchase of the shares.
