Net proceeds from the placements are intended to be used for general working capital purposes and partial payment of the balance purchase consideration for the acquisition of Guthrie Engineering.
Ever Glory says that the placement saw the participation from institutional and accredited investors, such as ICHAM Master Fund, Amova Asset Management, Lion Global Investors Limited, Ginko-AGT Global Growth Fund, Asdew Acquisitions and Azure Capital.
Vincent Toe, co-founder of ICH Group which participated in the placement, says that Ever Glory fits its profile on assets with strong fundamentals that the market has temporarily overlooked. “It's a fundamentally sound business with a clear growth trajectory tied to Singapore's major infrastructure and development projects,” he adds.
CSG International Securities Singapore is the sole placement agent.
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Shares in Ever Glory closed 0.5 cents higher or 0.676% up at 74.5 cents on Sept 2.
