Bulk of Sim Leisure Group's IPO proceeds of S$5.81m to be used to redeem pref shares
Singapore
SIM Leisure Group's (SLG) debut on the Singapore Exchange's Catalist board today will see investors express how they feel about the bulk of its initial public offering (IPO) money going into redemption of S$5.6 million in preference shares.
In response to a query from The Business Times on Thursday, SLG said it had from the outset prioritised redeeming its outstanding redeemable convertible preference shares held by Penang Development Corp with the IPO proceeds, stating this order of priority in its preliminary prospectus.
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