SGX rejects Renaissance United's application for new share subscription

RENAISSANCE United, formerly known as IPCO International which was one of the penny stock saga-linked counters, on Monday said that the Singapore Exchange (SGX) has rejected its application for two Malaysian private investors to subscribe for 1.23 billion new shares in the company at about S$0.0009 each.

This will raise a total of about S$1.1 million for general working capital purposes and will "strengthen the group's financial position and flexibility to capitalise on growth opportunities", it had said at the time of the application. 

The new shares represent about 16.6 per cent of the enlarged share capital of the company after the proposed subscription.

Still, Renaissance remains determined to see the subscription happen.

"The board wishes to inform shareholders that the company remains committed to completing the subscription and is currently exploring all of its options (including but not limited to entering into discussions with the subscribers). The company will update shareholders accordingly as and when further developments arise," it said.