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Stratech Group
THE Stratech Group proposes to undertake a rights issue to raise up to S$31 million in net proceeds to repay short-term and interest-free loans and for working capital. Up to 313.44 million new shares will be issued at 10 Singapore cents apiece.
Pending the completion of the rights issue, executive chairman David Chew and his wife Leong Sook Ching are injecting S$9 million of funds into the company as working capital. The two controlling shareholders have undertaken to subscribe for their rights shares as repayment for the shareholder loan. They will also convert S$2-3 million of existing loans to equity through the rights shares. If the rights issue is fully subscribed, they will maintain a 33.99 per cent stake in the group.
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