SINGAPORE (Nov 28): Pine Capital Group, the asset management group with US$3 billion in AUM, is raising gross proceeds of $2.15 million from placement of 799 million shares at 0.27 cent each to privately owned management consultancy firm, JMO.

JMO has also agreed to extend a loan of $2.7 million to Pine Capital. The loan shall be convertible into one billion new shares at the issue price of 0.27 cent each.

Pine Capital will convene an EGM to seek shareholders’ approval for the loan agreement as its conversion into shares will result in JMO holding a majority stake in the company.

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