Axington proposes to change core business to medical, consumer wellness services

that the pair had"plans" for Axington, and it was"a natural extension to list one of our businesses here".

Axington added that the proposed acquisition will kickstart its proposed core business change and pave the way for its expansion into the medical and consumer wellness sector. Axington also proposed a renounceable non-underwritten rights issue of up to around 95.2 million new ordinary shares at 10 cents per share, on a one-for-two basis, to raise an estimated S$9.4 million.

Axington intends to use 60 per cent of the gross proceeds from the placement and rights issue for business investments and"opportunistic" acquisitions, and 40 per cent for general working capital. This increase is expected to improve the trading liquidity of the shares on the Catalist board and provide the company with increased visibility within the investment community, it added.

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