HLH Group will be placing new shares with a new investor to raise S$3.6 million for general working capital purposes.
In an announcement on Monday evening, the agriculture and property firm said that it has entered into a share subscription with an individual named Goi Kok Neng to allot and issue to him 600 million new ordinary shares, or about 9.7 per cent of the enlarged issued share capital of the firm.
The issue price will be 0.6 Singapore cent, equivalent to the volume weighted average price for trades done on Aug 19.
Mr Goi is not a director or substantial shareholder of the company, according to the firm.
The proceeds will be used for general working capital, and pending their deployment, may be deposited with banks or invested in short-term money markets, added HLH Group.