Reclaims Global is planning a one-for-one bonus share issue to improve accessibility for investors. From 151 million shares now, the company's share base will double.
With a bigger number of shares, it can tap a wider base of investors, potentially facilitating greater trading liquidity and investor participation, the company says.
Just on Jan 27, the company announced that its two majority shareholders, executive chairman Chan Chew Leh and CEO Tan Kok Huat have pocketed $4.7 million by selling 11.585 million shares at 41 cents each.
The buyers include Areca Capital, Asdew Acquisitions, Azure Capital, ICH Synergrowth Fund, Value Partners Hong Kong, as well as other unnamed high net-worth investors.
The sale is handled by SAC Capital and Maybank Securities.
The bonus issue is handled by SAC Capital.
See also: Mooreast adjusts purchasing price of adjacent site to $12.5 mil
Reclaims Global shares closed at 48 cents on Jan 30, down 2.04% for the day but up 92% in the past year.
