The issue price of 5 cents per placement share represents a discount of approximately 3.85% to the volume weighted average price of 5.2 cents per share for the trades done on the SGX-ST on Dec 16.
King Wan Corporation has entered into a subscription agreement with three subscribers for 70,000,000 new ordinary shares in the capital of the company at 5 cents per share.
The company is set to raise $3,500,000 from the placement share exercise.
