Salt Investments is looking for alternative funding after two investors who were supposed to take part in a placement did not pay up in time.
According to the company on Jan 1, it had reminded Hin Chin Qui and Yip Kean Mun to transfer amounts totalling $4 million by Dec 30 but did not hear from them.
SGX requires the placement to be completed by Dec 31. As such, Salt Investments will regard Hin and Yip as having repudiated their respective subscription agreements and will consider claiming damages.
However, other investors who are part of this fund-raising had transferred a total of $6.5 million as agreed. They are Wong Shun Lee, Quek Hong Sheng Roy and ROQ Investments. Some 4.3 billion new shares are thus issued and ready for trading on Jan 6.
Salt Investments used to be called Jasper Investments . Under new CEO Dennis Goh, the company is acquiring operating assets to capture new growth in the offshore and marine industry which is now seeing an upswing.
On Dec 17, Salt Investments announced it is in talks to buy a majority stake in marine lubricant supplier TT Oil (Singapore) from Poly Million Group, which is controlled by Wong, one of the new investors.
See also: Adventus Holdings aims to raise $1.54 million via placement to fund Vietnam hotel operations
Other backers of the company include Koh Boon Hwee, former chairman of companies such as SIA and Singtel, and fund manager Terence Wong of Azure Capital.
Salt Investments ended Dec 31 at 0.3 cents.
