Aspial Lifestyle raises S$84.8 million at S$0.402 apiece

[SINGAPORE] Consumer lifestyle group Aspial Lifestyle has completed a private placement of around 149.3 million new shares at an issue price of S$0.402 per share, raising proceeds of about S$60 million, it said on Monday (May 25).

Additionally, the group raised another S$24.8 million after completing a preferential offering of 61.7 million new shares at the same issue price.

The issue price represents a discount of around 8.1 per cent to the volume weighted average price of S$0.4375 per share for trades done on the Singapore Exchange (SGX) on May 13, which was the last full market day on which shares of Aspial Lifestyle were traded prior to the trading halt called by the group on May 14.

Shares from the private placement will be listed and traded on SGX from 9 am on Monday.

DBS, OCBC, SAC Capital and UOB acted as the joint placement agents for the private placement.

The private placement was over two times covered, and attracted institutional investors including Eastspring Investments (Singapore), ICH Synergrowth Fund, JP Morgan Asset Management, Lion Global Investors Limited (as investment manager for and on behalf of its clients), and Value Partners Hong Kong.

SEE ALSO

Aspial Lifestyle proposes S$84.8 million rights and placement issue to fund pawnbroking, lending businesses

Asean Intelligence

Get insights into businesses across South-east Asia

Get the free report

The total net proceeds raised will support business expansion, investments in “pawnbroking and secured lending businesses”, said the company – and if opportunities arise, strategic acquisitions, as well as general working capital requirements.

Shares of Aspial Lifestyle ended 1.2 per cent or S$0.005 lower at S$0.415 on Friday before the news.