Skylink Holdings (SGX:XZB
) plans to raise up to $7.02 million via a proposed share placement at 27 cents each.
The proceeds raised will be used mainly for the expansion of electric commercial vehicles fleets, electric vehicle initiatives and loan book including through related merger and acquisitions.
The placement shares are priced at a discount of approximately 7.53% to the volume weighted average price of 29.2 cents for trades done on Jan 23.
Wesley Shen, executive director and CEO of Skylink says that the proposed placement will help strengthen its balance sheet and provide the company with greater financial flexibility to pursue new opportunities ahead.
Teh Wing Kwan, non-independent and non-executive chairman of Skylink sees the proposed placement as a way to tap institutional investors for additional capital, which will broaden the company’s investor base.
SAC Capital Private Limited is appointed as the placement agent for the above proposed placement.
See also: Huationg Global plans to raise more than $7 million by placing out new shares at 60 cents each
As at 9.22am, shares in Skylink are trading up 2 cents, or 6.89% up at 31 cents.
