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DUTY Free International Limited announced on Monday its proposed issuance of an aggregate of 18.5 million new ordinary shares at an issue price of S$0.38 for each share to Hong Kong company Old Peak Ltd.
Assuming that all the subscription shares are subscribed for, and after the deduction of estimated expenses in relation to the subscription of approximately S$0.24 million, the net proceeds are estimated to be S$6.79 million.
The issue price represents a discount of approximately 4.74 per cent of the volume weighted average price of S$0.3989 per share of the company for trades done on the full market day on Feb 13, 2017. The subscription agreements were signed after market hours on that Feb 13.
The 18.5 million shares represent approximately 1.55 per cent of the total number of issued ordinary shares.
The company intends to use 90 per cent of net proceeds for general corporate requirements including but not limited to acquisition and funding of potential business opportunities and 10 per cent for general working capital including but not limited to renovation and upgrading of business outlets.