YuuZoo issues 15 million shares at S$0.193 apiece to fund acquisition

MAINBOARD-listed social e-commerce firm YuuZoo has issued 15 million new ordinary shares to pay for its acquisition of a stake in a games company, it said in a Singapore Exchange filing on Tuesday before the market opened.

Issued at S$0.193 apiece, these shares were worth about S$2.90 million in total, it noted.

This issuance was for YuuZoo's acquisition of a 30 per cent stake in Infocomm Asia Holdings (IAH), which distributes online and box games.

The total consideration it paid via share issuance on Tuesday was higher than the S$2.39 million worth of shares - 15 million shares at S$0.159 each - that YuuZoo had said in January it would pay for the deal.

YuuZoo shares closed S$0.005 down at S$0.22 on Monday.