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Lorenzo International proposes placement of up to 60m new ordinary shares

LORENZO International Holdings has entered two separate subscription agreements with Teo Eng Chong and Lee Kim Puay for the subscription of 30 million new ordinary shares each at an issue price of two Singapore cents.

The issue price represents a premium of about 17.65 per cent to the volume weighted average price of S$0.017 for trades done on the company's shares for the full market day on April 8.

Each stake represents 8.025 per cent of the enlarged share capital.

Lorenzo International said that it intends to use the estimated net proceeds from the placement of about S$1.16 million for general working capital purposes.

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