MAINBOARD-LISTED pawnbroking chain ValueMax Group has raised S$15.3 million in gross proceeds from the third series of its six-month commercial paper (CP) in digital securities, under the private market exchange’s CP programme.

The six-month Series 003 commercial paper, launched on Sep 11, had received “strong demand” from investors, the group said in a bourse filing on Thursday (Nov 9).

Among the subscribers are three family members of ValueMax executive chairman Yeah Hiang Nam:

• His wife, Tan Hong Yee, who subscribed for S$4.5 million;

• His son Yeah Chia Wei (S$500,000); and

• His daughter Yeah Lee Ching (S$220,000).

Tan Soon Liang, an independent, non-executive director of the company, subscribed for S$100,000. In total, these four individuals had subscribed to 34.9 per cent of the issuance.

Yeah Chia Wei is the company’s chief credit and risk officer, and Yeah Lee Ching, an executive director. Tan Hong Yee is a controlling shareholder of the company.

The digital securities issued under this series are priced at 5.25 per cent per annum and are due to mature six months from the date of issuance. ValueMax said it had expected to raise between S$5 million and S$20 million from accredited investors and institutional investors from this issuance.

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The digital securities to be issued to the subscribers of the 6-month Series 003 commercial paper will be listed on fintech platform ADDX on Nov 10.

Shares of ValueMax last traded at S$0.30 on Tuesday (Nov 7).