By Nikki De Guzman:
Singapore-listed Sysma Holdings has proposed a renounceable non-underwritten rights issue of up to 95 million shares, each at an issue price of S$0.17 on the basis of one rights share per one existing ordinary share.
Xiang Investment, Sysma’s sole controlling shareholder, has provided an irrevocable undertaking to fully subscribe for its entitlement of the shares. It holds an aggregate of 69.3 million shares representing about 73 percent of the aggregate number of issued shares.
“The recent acquisitions of the two adjacent properties at Race Course Lane will pave the way for Sysma to go into property development. This Rights Issue is to raise additional funding to strengthen the financial position of Sysma so as to capitalise on potential growth opportunities particularly its property development business,” said Sin Soon Teng (pictured), Chief Executive of Sysma.
The rights issue could raise net proceeds of up to S$16 million, which will be used mainly for property development and general working capital.
Nikki De Guzman, Junior Reporter at PropertyGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg
Related Stories:
Savills enjoys record growth, boosted by Asia
Global salary guide unveiled to help companies