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EQUATION Summit Limited said on Monday that it had on Oct 21 entered into a subscription agreement to issue shares in a private placement to raise S$4.2 million.
These 600 million new shares to be placed out represent 10.5 per cent of the enlarged issued share capital of group.
The subscribers are Asdew Acquisitions Private Limited, Teo Khiam Chong, Island Asset Management Pte Ltd and Chen Dawei.
"The subscribers were independently introduced to the company through mutual business contacts of the directors, and this subscription is purely for their financial investment purpose," Equation Summit said in its regulatory filing to the Singapore Exchange.
Asdew Acquisition is a private limited company incorporated in Singapore investing in mostly listed equities, fixed income products and real estate products. Mr Teo is an accredited investor who has experience in the financial industry. Island Asset Management Pte Ltd is a registered fund management company regulated by the Monetary Authority of Singapore.
Mr Chen has accumulated experience in the waste water treatment industry as the founder and CEO of Beijing Revolution Science and Technology Co Ltd and president of Tianjin Com-link Water Treatment Engineering & Technology Co Ltd. He was also the executive director of Beijing Juntai Investment Management Limited as well as China Everbright Water Limited.
The subscription shares will be allotted and issued to the subscribers under the general mandate following a shareholders' resolution to be passed at an annual general meeting to be held on Oct 28.