Aspial Lifestyle (SGX:5UF
) announced that its $60 million private placement was over two times covered and saw participation from established institutional investors, with the likes of Eastspring Investments, ICH Synergrowth Fund, JP Morgan, Lion Global Investors and Value Partners.
The private placement was priced at 40.2 cents, which represents a discount of around 8.1% to its volume weighted average price of 43.75 cents for the trades done on May 13. The private placement shares will be listed and traded on SGX from 9am on May 25.
DBS Bank, OCBC Bank, SAC Capital and UOB Bank acted as the joint placement agents for this private placement.
Meanwhile, the company also announced the preferential offering, on the basis of one new share for every 30 existing shares at the same issue price of 40.2 cents, raising gross proceeds of around $24.8 million.
This preferential offering will be underwritten by SAC Capital. Aspial Corporation and Koh Wee Seng, non-executive chairman, have each provided an irrevocable undertaking to subscribe in full for their respective entitlements.
Both the private placement preferential offering is expected to bring in gross proceeds of around $84.8 million for Aspial Lifestyle, of which 80% of the proceeds will be for business expansion, investments in its growing pawnbroking and secured lending businesses and potential strategic acquisitions.
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“We look forward to building on this momentum alongside the support of our new and existing shareholders, as we continue to grow scalable, recurring revenue streams across retail, pawnbroking and secured lending,” says Ng Kean Seen, CEO of Aspial Lifestyle.
As at 11.11am, shares of Aspial Lifestyle was trading flat at 41.5 cents.
