The conversion price is a 84% premium to Mencast's VWAP of 7.6 cents on April 15, before a trading halt was called.
Assuming full conversion, EDIS, which already owns 2.04% of Mencast shares, will see its stake increase to around 6.3% - assuming no other changes in the share base.
Just on April 14, EDIS partially cashed out from another SGX listed company Addvalue Technologies by selling 55 million shares for $5.17 million, or 9.4 cents each.
This latest transaction saw EDIS stake in Addvalue reduced from 6.45% to 4.95%. EDIS became a substantial shareholder of Addvalue in January, after converting bonds to shares worth $2,148,227 at 1.7 cents each. The sale means EDIS has pocketed a profit of $5.17 million.
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EDIS, which is chaired by Philip Yeo, says Mencast is a company transforming from traditional carbon-based marine and offshore activities toward a silicon-based future.
Mencast has tapped on capabilities of A*STAR and the National Additive Manufacturing Innovation Cluster, building propellors that will be more efficient, resulting in fuel savings.
As at 9.13am, Mencast shares changed hands at 9 cents, up 18.42%, on heavy volume.
