DeClout blocks Procurri from issuing new shares

Singapore

PROCURRI, a mainboard-listed enterprise hardware supplier, will not be raising any equity this year now that major shareholder DeClout has blocked it from renewing a mandate to issue and allot new shares.

DeClout said on Monday that it needs to restrain Procureur's capital structure in order to avoid triggering an event of default. Last month, DeClout took a S$10 million loan against its Procurri shares to feed two companies in its own portfolio that it wants to grow.

Asked by a Procurri shareholder on Monday how DeClout's recent decisions supported Procurri's interests, DeClout's chairman and chief executive, Vesmond Wong, replied: "My main responsibility over here is to take care of DeClout shareholders. My second responsibility, I need to take care of the portfolio company that we have, an…