According to a press release announcing the deal, the funding will be primarily used for the construction of AET’s lab-grown diamond manufacturing facilities in Singapore.
AET was established in September as a joint venture between Metech and X Diamond Capital.
In its press release, Metech states that it is currently preparing and is liaising with its sponsor to seek shareholders’ approval for the proposed business diversification of its core business to include the manufacturing and distribution of lab-grown diamonds and such other related activities at an extraordinary general meeting.
As at 10.03am, Metech shares are trading flat at 36 cents.
