Soilbuild Construction Group has on August 19 increased its investment in Soilbuild Construction International, its wholly-owned subsidiary to $9.5 million from its initial investment of $100,000.
Soilbuild has subscribed for an additional 9.4 million ordinary shares for an aggregate consideration of $9.4 million. This translates to $1 per ordinary share for Soilbuild Construction International.
The group says the additional investment is to strengthen the capital base of Soilbuild Construction International. It is funded by internal resources and is not expected to have any material effect on the earnings per share or net tangible assets per share of the group for the FY ending December 31.
Shares in Soilbuild closed flat at 2.8 cents on August 19.
