MoneyMax will use the net proceeds of $43.4 million for general working capital purposes, particularly to support the growth of its pawnbroking portfolio and purchases of retail inventory.
Financial services provider MoneyMax has raised $44.3 million from the issuance of 53 million new ordinary shares. Issued at 83.5 cents per share, all shares were taken up by Fullerton Fund Management, Lion Global Investors and Eastspring Investments, who are three of nine asset managers appointed by the Monetary Authority of Singapore to manage $5 billion of investment capital under the equity market development programme (EQDP).
The placement price of 83.5 cents represented a discount of approximately 3.1% to the volume weighted average price of 86.2 cents for trades done on the Singapore stock exchange on April 15, being the last full market day on which the company’s shares were traded prior to a trading halt on April 16.
