Mirach: Placee in S$1.7m offering is existing shareholder with less than 0.1% stake

MIRACH Energy has clarified that one of the investors in a S$1.7 million equity placement is actually an existing shareholder, saying that the mistake was inadvertent.

Mirach, an oil and gas exploration and production company, said that Ho Bun Hoi, an executive director of Thai Village restaurants, owns 20,000 Mirach shares, a stake of less than 0.1 per cent.

When Mirach announced the share placement on Nov 7, it had stated that none of the four placees held any shares in the company. The company said that it was informed by Mr Ho on Nov 14 of the "inadvertent error".

Mr Ho, who was introduced by Mirach's chief executive, was to have bought S$572,614.92 of shares, equivalent to 7.85 million shares at 7.3 Singapore cents per share. He will hold a stake of 5.5 per cent after the placement.