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Capital World to raise $18.3 mil from 2 private investors

Samantha Chiew
Samantha Chiew7/15/2019 07:22 AM GMT+08  • 2 min read
Capital World to raise $18.3 mil from 2 private investors
SINGAPORE (July 15): Capital World, formerly known as Terratech Group, entered into a term sheet agreement on July 10 with two individuals – Yuan Zhiwei and Chng Chor Tong – relating to a proposed issuance of new ordinary shares of the company.
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SINGAPORE (July 15): Capital World, formerly known as Terratech Group, entered into a term sheet agreement on July 10 with two individuals – Yuan Zhiwei and Chng Chor Tong – relating to a proposed issuance of new ordinary shares of the company.

Capital World will be issuing about 916 million new shares at 2 cents each to raise about $18.3 million. The issue price represents a 13.04% discount to the volume weighted average price of 2.3 cents on the close of July 5, being the latest full market day before the term sheet was signed.

The group intends to use the funds raised for the development of the Capital City Project, partial repayment of existing loans and borrowings and for working capital purposes.

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