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Addvalue Technologies terminates placement agreement with KGI Securities
ADDVALUE Technologies and KGI Securities (Singapore) have mutually agreed to terminate a placement agreement, the satellite communications company announced on Tuesday.
The agreement was in relation to a stock placement of 250 million shares at four Singapore cents apiece, which would have raised up to S$10 million.
"The company, at its own end and without the involvement of KGI, is currently working with a couple of strategic and/or synergistic investors for alternative funding arrangements, including but not limited to such investors taking up a significant stake in the company," Addvalue said.
In May, Addvalue said that it will use about S$6 million of the proceeds for a capability development programme and the remainder for working capital.
Addvalue closed 0.3 cent lower at S$0.033 on Tuesday.