Assuming 2 million offer shares are issued, the offer shares will represent about 0.52% of the enlarged issued and paid-up share capital of the company.
The undertaking of the public offer is to fulfil the requirement of having a minimum of 500 shareholders under the rules of the SGX-ST listing manual.
The net proceeds in connection to the public offer will be $1.15 million, which the company intends to use for working capital.
Ever Glory United applied to transfer its Catalist listing to the Mainboard on Oct 14, noting back then that it had met the $150 million market cap requirement.
See also: Skylink Holdings plans to raise up to $7.02 million via share placement at 27 cents each
Shares in Ever Glory closed flat at 69.5 cents on Dec 10.
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