Novo Tellus subscribes for 6.4% stake in ISDN at S$0.20 per share

PRIVATE equity fund Novo Tellus has agreed to subscribe for close to 27 million new shares in mainboard-listed precision and motion control engineering firm ISDN Holdings at S$0.20 per share.

The new shares amount to a 6.4 per cent stake in ISDN's enlarged share capital. The investment is expected to close in April, and Novo Tellus will take a seat on ISDN’s board. The subscription will raise about S$5.3 million in net proceeds, and will finance ISDN’s growth strategy in serving Asia’s advanced manufacturing and clean energy sectors, it said.

The subscriber is a wholly owned subsidiary of Novo Tellus PE Fund 2. Novo Tellus makes private equity investments in the technology and industrials sector of South-east Asia, with a focus on mid-market companies.Novo Tellus managing partner Loke Wai San said: “Our fund invests in rising stars in South-east Asia’s manufacturing and industrial economy and ISDN presents a compelling opportunity to invest behind the transformation underway in Asia’s factories.

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