Hot stock: Ipco leads actives on planned placement of 1.06b new shares

INVESTMENT holdings firm Ipco International led the actives on Monday following its announcement that it would place 1.06 billion new shares to private investors to raise some S$1.86 million in net proceeds.

At 0.18 Singapore cent each, the placement share price is at a discount of about 10 per cent to the trades done on Nov 9, 2016.

The new shares represent close to 20 per cent of the company's existing stake and 16.66 per cent of its enlarged issued and paid-up share capital after the placement.

Ipco plans to use more than half of the money raised for general corporate requirements including acquisition and funding of potential business opportunities, if any. The rest will be for general working capital requirements.

At 9.59am, Ipco was trading at around 0.3 cent a share, up 0.1 cent, or 50 per cent. More than 162 million shares were traded.