SINGAPORE (March 24): ZICO Holdings, the integrated network of professional service firms, intends to issue 15 million new shares -- representing 5.01% of the company’s enlarged share capital -- at 27 cents each to raise $4.05 million.

The placement price represents a discount of 4.69% to the volume weighted average price of 28.33 cents for all trades done on Thursday.

After calling for a trading halt on Friday, ZICO announced it had on Thursday entered various subscription agreements with five separate parties, including fund management company Island Asset Management (IAM) as well as Pacific & Orient Distribution (POD), an investment holding company based in Malaysia.

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