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Albedo raises S$3m via placement to expand in China
CATALIST-listed Albedo plans to raise S$3 million through a proposed share placement exercise involving 300 million shares priced at one Singapore cent to Frankie Kiow, a Shanghai-based businessman.
Mr Kiow founded and majority owns Wealth Union, a leading Shanghai-based franchisor which has also inked a master marketing arrangement to exclusively refer clients to Albedo's aesthetic medical practice, said the firm in an announcement to the Singapore Exchange.
The issue price of Albedo shares represents a discount of 9.1 per cent to its volume weighted average price of 1.1 Singapore cents on Jan 5, the last full market day prior to the signing of the share subscription agreement.
Albedo said it plans to use up to 70 per cent of the placement's net proceeds for growth and expansion and the balance for working capital.
The latest development follows barely three months after Albedo shareholders approved its plans to transform from a primarily metal trading and distribution business into one providing medical aesthetics and healthcare services.
The first step in the transformation involved Albedo's nearly S$19 million purchase of a 51 per cent stake in China iMyth Company which provides health and wellness services in Taiwan and China.
Trading in Albedo shares was halted on Wednesday pending the announcement and was last traded at 1.1 Singapore cents on Tuesday.