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Sen Yue to raise S$6m in share placement to new investor
CATALIST-LISTED waste management firm Sen Yue Holdings on Monday said that it will raise about S$6 million from research and development company Jiangmenshi Changxin Technology's subscription of 120 million new shares in the company at S$0.05 each.
The placement price represents a premium of 72.4 per cent to the volume-weighted average price of S$0.029 for trades done on Monday.
The number of placement shares represents about 13.88 per cent of the existing share capital and 12.19 per cent of the enlarged share capital.
Proceeds will go towards strengthening the company's financial position, meeting anticipated general working capital requirements including the purchase of commodities, and funding business development and expansion opportunities as and when they arise, such as enhancing the company's capability to handle higher volume and new forms of e-waste.
Jiangmenshi Changxin focuses on the development of production technology for high-performance lithium battery materials. It is not an existing shareholder of the company and was introduced to the group by the company's executive chairman, Koh Mia Seng, who knew of the firm through his business network in the commodities trading business in China.