JustCo’s stabilisation manager DBS Bank announces cessation of price stabilisation action

Teo Zheng Long06-02

JustCo's share price has witnessed a decline of 27.1% from its IPO price of 94 cents.JustCo’s JCO stabilisation manager, DBS Bank, has announced that it has purchased a total of 5.319 million shares ...

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Together with $69.8 million in secured cornerstone commitments, the offering raised about $100 million.\nSome of the cornerstone investors include JP Morgan Asset Management, Amova Asset Management Asia, Fullerton Fund Management and Avanda Investment Management — four fund managers that have been appointed under the Monetary Authority of Singapore’s Equity Market Development Programme.\nJustCo intends to use the net proceeds for strategic investments, capital expenditures, general corporate purposes and working capital to support expansion plans in existing and new markets.\nShares of JustCo closed 8 cents lower, or 10.5% down at 68.5 cents on June 2. 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