Tee currently holds 11.2 million shares in the company, representing a stake of about 4.06%.
According to OxPay Financial, Tee expressed an interest to further invest in the company. He has confirmed that he will not be holding the new shares on trust or as a nominee.
Following the completion of the share subscription, Tee will hold a total of 46.6 million shares or 14.97% of OxPay’s enlarged share capital.
After the share subscription, the net loss attributable to the company’s equity holders will deepen to $3.106 million, from $3.078 million as at the FY2024 ended Dec 31, 2024, although loss per share will be reduced to 1 cent from 1.12 cents.
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The group’s net tangible assets (NTA) will increase to $1.49 million up from $1.09 million as at FY2024, while NTA per share will increase to 0.48 cents from 0.40 cents before.
Tee is a substantial shareholder of Mainboard-listed Oxley Holdingsand is a business associate of Ching Chiat Kwong, a controlling shareholder of both OxPay Financial and Oxley Holdings.
No new shares were converted from the convertible loan facility of $2 million granted in January. The sum was drawn down on April 4.
As at 9.25am, shares in OxPay are trading 1.5 cents higher or 115.39% up at 2.8 cents.
