Aspial Lifestyle raises S$84.8 million at S$0.402 apiece
S$60 million is from a private placement while S$24.8 million will be obtained from a preferential offering
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[SINGAPORE] Consumer lifestyle group Aspial Lifestyle has completed a private placement of around 149.3 million new shares at an issue price of S$0.402 per share, raising proceeds of about S$60 million, it said on Monday (May 25).
The group will raise another S$24.8 million after completing a preferential offering of 61.7 million new shares at the same issue price. These shares will be listed on the Singapore Exchange (SGX) and commence trading on Jun 17.
The issue price represents a discount of around 8.1 per cent to the volume weighted average price of S$0.4375 per share for trades done on SGX on May 13.
That was the last full market day on which shares of Aspial Lifestyle were traded before the group called for a trading halt on May 14. The counter resumed trading on May 15.
Shares from the private placement were listed and began trading on SGX from 9 am on Monday.
DBS, OCBC, SAC Capital and UOB acted as the joint placement agents for the private placement.
The private placement was over two times covered, and attracted institutional investors including Eastspring Investments (Singapore), ICH Synergrowth Fund, JP Morgan Asset Management, Lion Global Investors (as investment manager for and on behalf of its clients), and Value Partners Hong Kong.
The total net proceeds raised will support business expansion, investments in “pawnbroking and secured lending businesses”, said the company – and if opportunities arise, strategic acquisitions, as well as general working capital requirements.
Shares of Aspial Lifestyle ended 1.2 per cent or S$0.005 lower at S$0.415 on Friday.
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