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Charisma Energy to buy S$2.2m stake in green energy firm through share swap

CHARISMA Energy Services on Tuesday said it plans to buy half of solar-generated equipment designer Grenzone Pte Ltd for S$2.2 million through a share swap.

It would buy 622,200 shares of Singapore-incorporated Grenzone at S$3.54 apiece - with these shares making up half of the post-acquisition share capital of Grenzone - from 11 individuals and three companies that are current shareholders of Grenzone.

To fund this purchase, Charisma will allot and issue 172 million new shares at S$0.0128 per share to the sellers proportionately. The issue price represents the volume-weighted average price for trades done on Monday, the day the agreement was signed. These Grenzone shareholders cannot sell, assign, or transfer their Charisma shares for one year.

The new shares from Charisma to be placed out will represent about 1.55 per cent of the enlarged issued and paid-up share capital of the company.