Sinjia Land Signs Share Subscription Deal to Sell 50% Stake for SG$2.7 Million; Shares Soar 36%

MT Newswires06-28

Sinjia Land (SGX:5HH) entered into a subscription agreement with individual investors Guo Jiahui, Jin Jixiang, Xu Lihua, and Wang Ling-Jong for the issuance and allotment of 207,072,685 shares at an issue price of SG$0.024 per share, according to a filing with the Singapore Exchange on Thursday.

The shares to be issued would comprise 50% of the company's enlarged issued share capital. On completion of the transaction, Guo will own a 28.27% stake in Sinjia, while Jin will have a 12.07 stake. Xu and Wang, meanwhile, will each hold a 4.83% stake.

The issuance will help the company raise gross proceeds of SG$2.7 million, which will be used for working capital as well as for funding growth, development and expansion.

Shares of the company zoomed nearly 36% in recent trading.

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