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.