Ever Glory United is undertaking a public offer of up to 2 million new shares at a 64 cents per offer share, in relation to its proposed transfer of listing to the Mainboard of the SGX.
The offering price represents a 9.1% discount to the volume weighted average price of 70.4 cents for trades done on Dec 9.
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: The Trendlines Group enters subscription agreement with 11 investors; raises $3.42 mil
Shares in Ever Glory closed flat at 69.5 cents on Dec 10.
