WATCH-LISTED VibroPower Corporation is looking to issue up to S$1.8 million of shares with warrants on a renounceable, non-underwritten basis, mainly to finance the expansion of its businesses, it said in a filing late on Tuesday night.
VibroPower, which manufactures and supplies customisable power generator sets, said the main rationale of the proposed issue is to fund the expansion of its existing businesses, which may include the acquisition of and/or a strategic investment in a similar business in South-east Asia. It intends to use 78 per cent of the net proceeds – or around S$1.2 million – for this purpose.
Two individual shareholders – VibroPower co-founder, chairman and CEO Benedict Chen Onn Meng and his brother Chen Siew Meng – have also provided the following irrevocable undertakings under the proposed issue.
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Source: The Straits Times - 🏆 8. / 63 Read more »
Source: The Straits Times - 🏆 8. / 63 Read more »