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Singapore eDevelopment fails to get shareholder nod for rights cum warrants issue

CATALIST-LISTED Singapore eDevelopment Limited will not be going ahead with its proposed rights cum warrants issue, after the company failed to get shareholders' approval at an extraordinary general meeting (EGM) on Thursday.

The resolution to approve the issue was opposed by 96.16 per cent of the vote - representing 54,032,950 of the 56,188,980 shares represented by votes.

Similarly, the whitewash waiver resolution related to the proposed issue did not pass.

The rights cum warrants issue had been proposed in July.

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"The company has decided not to proceed with the proposed rights cum warrants issue pursuant to the results of the EGM as disclosed," Singapore eDevelopment said.

"The company will keep its shareholders informed of any other fund raising initiatives in due course and announcements will be made as and when appropriate."

The two remaining resolutions - approving the proposed expansion of the scope of the group's investment business and approving the proposed amendments to the articles of association of the company - passed at the EGM.

Trading of the company's counter had been halted pending its announcement on Thursday.