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OXLEY Holdings Limited said on Thursday that it has entered into a placement agreement with Maybank Kim Eng Securities as placement agent for a private placement of up to 22.75 million treasury shares at 59 cents apiece.
The placement price represents a discount of about 8.3 per cent to the volume weighted average price of S$0.6434 per share based on trades done on the stock exchange on Oct 12.
Assuming that the placement shares are fully sold, the placement shares will represent about 0.77 per cent of Oxley's existing issued share capital (excluding treasury shares) and 0.77 per cent of its issued share capital (including treasury shares).
Oxley said in a filing on Thursday that the proposed placement is undertaken to increase the liquidity of its shares.
The proposed placement is expected to raise S$12.95 million in net cash proceeds (after deducting estimated expenses of about S$0.47 million).
The group plans to use the proceeds for working capital purposes.