Sanli Environmental has raised gross proceeds of about $10.008 million following the completion of the placement of 38,492,404 placement shares at 26 cents each.
The SGX-Catalist listed company intends to use net proceeds primarily for general working capital purposes, including to support the execution of ongoing Engineering, Procurement and Construction (EPC) projects.
The placement shares represent 12.75% of the existing and issued paid-up share capital of the company comprising 301,907,596 shares, and will represent about 11.31% of the enlarged issued and paid-up share capital of the company of 340,400,000 shares.
The group says that prominent institutional investors include Areca Capital, Asdew Acquisitions, Astral Value Fund VCC, Avanda Investment Management, Ginko-AGT Global Growth Fund, Kenanga Investors Berhad, Lion Global Investors Ltd (as investment manager for and on behalf of its clients), UOB Asset Management Ltd and Value Partners Hong Kong Limited, among others.
Sanli Environmental also announced on Dec 1 the appointment of Koo Tsai Kee as a non-executive chairman and independent director of the company. Koo was a managing director at Temasek International from 2011 to 2016.
At present, he is the advisory director of Temasek International Advisors, an independent director of Elite UK REIT Management, non-executive director of Temasek Foundation, among other roles.
Shares in Sanli Environmental closed 0.5 cents lower or 1.695% down at 29 cents on Dec 1.
