ValueMax to raise up to S$20 million from digital commercial paper

MAINBOARD-LISTED pawnbroking chain ValueMax Group has launched the first series of its two-month commercial paper (CP) in digital securities on Singapore’s Digital Assets Exchange (SDAX), “in response to substantial interest received from investors”.

On Thursday (Oct 12), the group said it expects to raise S$8 million to S$20 million from accredited investors and institutional investors.

The final amount will be determined by the company’s board after accounting for demand from investors.

Issued under the SDAX CP facility programme, the Series 001 issuance is priced at 5.1 per cent per annum. The digital securities are due to mature on Dec 28, following the closing date for their issue on Oct 17. (*see amendment note)

ValueMax offers pawnbroking and secured moneylending services, and engages in the retail and trading of jewellery and gold.

The group said it will make further announcements on any material developments regarding the SDAX CP facility programme, as well as its two-month Series 001 SDAX issuance.

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ValueMax H1 net profit holds steady at S$25 million; warns of gold price volatility

ValueMax launches unsecured digital commercial paper at 5.15% to raise up to S$20 million

Its shares which were trading flat at S$0.30 as at the midday break on Thursday, before the announcement was made, closed unchanged.

Amendment note: This article has been revised to reflect the exact closing date for the issue and its maturity date.