At the same time but separate from the placement, an individual Teo Kee Bock, along with Huan Yong Group have each entered into a cornerstone subscription agreement with YKGI to subscribe for such number of new ordinary shares in the company to be determined by dividing their commitments of $2.0 million and $1.25 million respectively by the placement price. Accordingly, Teo and Huan Yong Group will be issued an aggregate of 16.25 million cornerstone shares.
YKGI Limited, the owner of local famous duck rice brand Yew Kee Duck Rice, is the first initial public offering (IPO) on the Singapore Exchange (SGX) this year. It has on Jan 26 registered its offer document with SGX for its IPO on the Catalist board.
YKGI is offering 82,750,000 ordinary shares at 20 cents per share, comprising about 53.75 million new shares and 29 million shares sold by current shareholder Seah & Family, fully by way of placement. The placement shares will represent approximately 19.5% of YKGI’s enlarged issued share capital of 425 million shares post-IPO.
