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ISR Capital invests S$2.68m in Straits Hi-Rel
ISR Capital's subsidiary, Infiniti Advantage, has entered into an agreement to invest up to S$2.68 million in Straits Hi-Rel (SHR) in a move to expand into the high reliability (Hi-Rel) engineering services business.
The investment will be done in four stages by subscribing for 16,667 shares in SHR, representing an equity stake of 25 per cent on an enlarged basis.
In a filing with the local bourse, ISR Capital said SHR, a private company, was set up to be a provider of Hi-Rel engineering services and will be structured as a Hi-Rel Technology Centre to be based in Singapore.
The centre will focus on speciality testing and back-end manufacturing for Hi-Rel integrated chips and electronic modules targeted for end applications in the automotive, energy (oil and gas) and industrial sectors.
So far, SHR has yet to commence any operations with regard to the Hi-Rel Technology Centre.
The investment will be funded using proceeds raised from the issuance of convertible redeemable bonds.