Retail group F J Benjamin Holdings (FJB) will be raising some $3 million to provide additional working capital as it explores expansion opportunities as regional economies recover from Covid-19.
Western Properties, a member of Far East Organization (FEO) group of companies, has agreed to subscribe for 120 million new FJB shares at 2.5 cents each. . FJB will also explore strategic opportunities to collaborate with the FEO for new businesses as well as within its present brand portfolio.
The issue was negotiated on a willing-buyer, willing-seller basis and takes into account FJB’s historical trading performance and prevailing market conditions. The share placement will require specific approval from shareholders at an extraordinary meeting to be convened by FJB.