SGX rejects two attempts by Renaissance to issue new shares

Singapore

THE Singapore Exchange (SGX) has rejected Renaissance United's reworked application to issue shares at a revised price of S$0.0011 per share that would have netted the firm about S$1.4 million.

The company, the former IPCO International and one of the counters linked to the penny stock crash, had previously applied for two Malaysian private investors to subscribe for 1.23 billion new shares in the company at about S$0.0009 each. The subscription would have raised about S$1.1 million.