Xpress in share placement deal to raise S$9.48 million

SEVERAL creditors have commenced legal proceedings against Xpress Holdings and its subsidiary, Xpress Print, for about S$2.4 million in sums due.

Announcing this yesterday, the mainboard-listed printing company said that it had entered into a share placement deal to raise about S$9.48 million in net proceeds for repayment to the group's creditors and for general working capital.

Xpress said that one creditor has filed a winding-up application against the company as corporate guarantor in relation to a dispute on rental arrears of some S$400,000. Based on legal advice, Xpress has applied for an injunction against this creditor.