Aspial's property arm to raise S$21.9m net proceeds from Catalist spinoff

Singapore

THE property development arm of Aspial Corp is expecting to raise net proceeds of about S$21.9 million from a Catalist initial public offering (IPO) spinoff via World Class Global (WCG), its offer document on Tuesday showed.

The 136 million invitation shares comprise 3.98 million shares to be offered to the public, and 132.02 million shares to be placed out, with shares of both tranches priced at S$0.26 apiece.

WCG's non-executive chairman Koh Wee Seng, who is also chief executive of Aspial, and WCG chief executive Ng Sheng Tiong, who is Mr Koh's brother-in-law, will be selling shares in the offe…