CapAllianz Holdings (SGX:594) agreed to allot and issue 650,859,805 new shares at SG$0.002 apiece under three separate placement agreements with new investors, according to a filing with the Singapore Exchange on Monday.
The aggregate consideration for the shares is SG$1.3 million.
The proposed placement will be used for general working capital requirements and the acquisition of potential assets, the filing said.
Shares of the company surged 200% in early morning trading.
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