Jasper Investments Drops After It Raises SG$13 Million in New Share Issuance

MT Newswires06-26

Jasper Investments drops 13% in morning trading.

Jasper Investments (SGX:FQ7) has raised nearly SG$13.0 million through a capital raising initiative, which includes issuing 8.65 billion new shares at SG$0.0015 each, according to a Tuesday filing on the Singapore Stock Exchange.

Existing investors, including Mezzanine, Light Beijing Technology, Azure All-Star Fund, Wong Yew Chian Terence, and Koh Chuan Koon, have also committed additional funds under revised agreements.

The company plans to list these new shares on the Singapore Exchange's Mainboard.

Jasper Investments has also agreed to purchase 51% of Prosper Excel Engineering from Johnny Lian Tian Yong for SG$7.5 million, according to a Tuesday filing on the Singapore bourse.

This transaction includes the acquisition of 51,000 ordinary shares in the target, which will be funded through SG$5 million in cash and SG$2.5 million in new shares of Jasper Investments.

The new shares will be issued at SG$0.0015 per share, a discount to the recent average price of SG$0.0079. Post-acquisition, these shares will represent 27.68% of Jasper Investments' enlarged issued share capital following completion.

The deal surpasses 20% of the relative figures under Rule 1006 of the SGX-ST listing manual, making it a major transaction that requires shareholder approval. Jasper Investments will seek this approval at an upcoming extraordinary general meeting.

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