Mooreast Holdings has raised just over $6 million placing out new shares at 13.5 cents each to investors including EQDP managers Amova Asset Management and Lion Global Investors, as well as other investors the likes of Asdew Acquisitions and ICH Synergrowth Fund.
The placement was managed by Zico Capital and the sub-placement agent is Maybank Securities.
A total of 44.45 million new shares were issued, equivalent to 14.65% of the company's enlarged share base.
At 13.5 cents, the placement shares were priced at a VWAP discount of 2.03% on May 22.
The net proceeds of some $5.8 million will be used for working capital.
The company recently acquired 60 Shipyard Crescent for $12.5 million.
See also: Global Invacom aims to raise gross proceeds of up to $4.9 mil via rights issue at 3.5 cents each
"The fresh capital raised will give us the working capital flexibility to pursue new projects and deliver on our commitments to customers, as we continue to execute on the group’s growth strategy," says CEO Erik Ellingsen.
He says the participation of new institutional shareholders "underscores confidence in the quality of Mooreast’s business and long-term prospects."
Mooreast shares closed at 16 cents on June 8, up 4.58% for the day.
