Intraco Unit Receives SG$1.5 Million Investment from Muscat Precious Metals from Muscat Precious Metals

MT Newswires09-02

Intraco's (SGX:I06) subsidiary, iChange, has received SG$1.5 million from Oman-based Muscat Precious Metals Refining Company after the latter subscribed to 192,061 new ordinary shares in iChange, according to a Tuesday filing with the Singapore stock exchange.

The investment is part of iChange's subscription agreement signed recently, under which Muscat Precious Metals committed to subscribe to 320,200 shares in the unit for SG$2.5 million. The subscription is estimated to dilute the trading and distribution company's stake in the Singapore-licensed payment institution to around 64.6%.

Following partial completion of the transaction, Muscat Precious Metals now holds approximately 13.0% of iChange's enlarged share capital.

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