SINGAPORE (Aug 16): OLS Enterprise, which recently completed the acquisition of its own financier, plans to raise $3.6 million for working capital needs by placing out new shares to five new investors.

On Tuesday, the company announced that it will be issuing 1.2 billion news shares to the five investors at 0.297 cent each, which is a 10% discount off Tuesday’s closing price.

Just on July 24, OLS Enterprise completed the acquisition of a 51% stake in Advance Capital Partners Asset Management (ACPAM), which is run by Tan Choon Wee (photo). For the past few years, Tan, via Advance Opportunities Fund, has been financing OLS with an on-going convertible bond programme.

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