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: Geo Energy seeks to raise up to $18.375 mil by placing out new shares at 52.5 cents
Shares in Ever Glory closed flat at 69.5 cents on Dec 10.
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