Control of Innopac to change hands after S$8.4m placement

Singapore

INNOPAC Holdings on Tuesday announced an S$8.4 million stock placement that will result in a change of control, as well as a related disposal of five subsidiaries and a S$2.5 million secured loan facility.

The investment holding company said it will place 8.4 billion new shares at 0.1 Singapore cent apiece to 11 individual investors. The new shares will represent about 65 per cent of Innopac's enlarged share capital.