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Hatten Land's S$5.1m share placement deadline extended to Nov 29

CATALIST-LISTED developer Hatten Land's plans to raise some S$5.1 million from a share placement will take a little longer than expected, the board disclosed on Saturday.

Hatten Land asked the bourse for, and was given, an extension of five market days - that is, until Nov 29 - to complete the placement of 56.5 million new shares to construction and property management businessman Yang Tse Pin's Kingpin Investment Pte Ltd.

That's because "the placee has communicated to the company that more time is required to complete the proposed placement", the board said, adding that Kingpin Investment has given an undertaking to complete the placement by the new deadline.

The share placement, which was first floated in October, priced the shares at S$0.09 apiece and would give Mr Yang's firm a 3.94 per cent stake in the company.

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Hatten said at the time that the placement would be used to finance the company's development projects and general expenses, "taking into account its current working capital position".

Meanwhile, Hatten had agreed to pay businessman Tan Chin Tuan's unrelated Star Treasure Enterprises a referral fee of S$254,250 for introducing Kingpin Investment to the company.

The referral fee was originally to have been paid in shares, but the two parties have since agreed for it to be paid in cash, the board said in its latest update. The proposed issue of the referrer shares, which received a listing and quotation notice on Nov 13, will now be cancelled.

Hatten shares last closed down 0.2 Singapore cent or 2.17 per cent to S$0.09 on Friday before the announcement.