A-Smart places out new shares to raise $5 mil for East Timor business ventures

SINGAPORE (Oct 17): A-Smart Holdings is issuing 7.15 million new shares at 70 cents each to raise $5 million to fund its new business ventures in East Timor.

The shares will be issued to property tycoon Wong Swee Chun, chairman of privately-held Straits Construction Group as well as founder and chairman of real estate development company Hoi Hup Realty.

Upon completion of the placement, Wong will become a substantial shareholder of A-Smart with 5.9% of enlarged interest in the company.   

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