GRP raises $2.78m with placement to Daniel Teo

Singapore

GRP Ltd is placing 27.8 million new shares to real estate veteran and Hong How Group chairman Daniel Teo at 10 cents per share, to raise $2.78 million for new market expansion, business development plans and projects. The group is also considering additional fund raising options, it said in a statement yesterday.

Days earlier, GRP said it had signed a letter of intent with MGS Resort & Entertainment Co to acquire the participation rights to a 37,287 square feet plot of land in Yangon, Myanmar for US$12 million. It had paid US$800,000 upon the signing of the letter of intent.