Share placement to private investors by Ipco International falls through

THE placement of 1.06 billion new shares to private investors by investment holdings firm Ipco International fell through, the company announced on Wednesday.

The company said that the long stop date of the placement has expired and that the remaining placees have mutually agreed to terminate the placement agreements.

Ipco said it will continue to explore potential fund-raising opportunities.

The placement of the new shares, at 0.18 Singapore cent each, was intended to raise some S$1.86 million in net proceeds.

The company had planned to use more than half of the money raised for general corporate requirements, including acquisition and funding of potential business opportunities, if any. The rest was planned for general working capital requirements.

Ipco shares were down 0.1 cent or 33.3 per cent to close at 0.2 cent on Wednesday.