Tee currently holds 11.2 million shares in the company, representing a stake of about 4.06%.
OxPay Financial is proposing to issue 35.4 million new shares to Tee Wee Sien (or Zheng Weixian), an existing shareholder of the company, at an issue price of 1.197 cents apiece. The company entered into a share subscription agreement with Tee on May 27. The agreement will cost Tee a total of $423,857.88.
The issue price represents a discount of 10% to the volume weighted average price (VWAP) of 1.33 cents per share for trades done on May 27.
