The issue price of 3 cents per subscription share represents a premium of 25.0% to the volume weighted average price (VWAP) of 2.4 cents of the company’s ordinary shares for trades done on the Singapore Exchange Securities Trading (SGX-ST) on Dec 17, 2020.
Emerging Towns & Cities Singapore has, on Jan 13, entered into share subscription agreements with HS Global Group and Nextcore Asset Management, where HS Global Group and Nextcore Asset Management have agreed to subscribe for up to 1.33 billion new shares into the company at 3 cents per share.
The agreements translate to a total consideration of $39.9 million.
