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Accrelist to raise S$4m via proposed share placement to support e-medical and e-wallet initiatives

SYSTEMS integration specialist Accrelist said it will be raising S$4 million in gross proceeds through proposed new share placements in two equal tranches of S$2 million each to two investors Liu Song and Summit Planners Advisory Group.

Announcing this on the Singapore Exchange on Wednesday, Accrelist, formerly known as WE Holdings, said it intends to use 75 per cent of the net proceeds of S$3.94 million from the proposed placement to support mergers and acquisitions activities in the e-medical arena WE Crowdfunding.

The 25 per cent of the funds raised will be used for working capital purposes for Accrelist's subsidiary, WE Pay

Accrelist said WE Pay intends to purchase point of sale machines as part of its e-Wallet solutions while awaiting clearance from the Monetary Authority of Singapore (MAS) for its remittance license.

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Accrelist will place a total of 500,000,000 subscription shares priced at S$0.008 per share - giving half to Mr Liu Song and the other half to Summit Planners Advisory Group.

The price represents a premium of 14.29 per cent to the weighted average price quoted by the Singapore Exchange Securities Trading (SGX-ST) for trades done on Oct 10.

The proposed placement is subject to shareholders' approval as Mr Liu Song is director of Accrelist and the share placement value of S$2 million to Mr Liu Song is more than 5 per cent of the company's latest audited net tangible assets for the financial year ended March 31 this year.