SINGAPORE (Mar 27): Uni-Asia Group has entered into a placement agreement with Maybank Kim Eng Securities to issue up to about 5.42 million new ordinary shares in the company at $1.08 each.

The issue price represents a discount of about 9.98% to the volume weighted average price of $1.1998 per share as at the close on Monday.

Currently, the group has about 47 million issued shares, of which none are held in treasury. Assuming the placement shares are fully subscribed for, the group’s shares will increase to about 52.4 million shares, while the placement shares will represent about 10.34% of the enlarged issued shares.

If fully subscribed, the net proceeds of the placement are expected to come up to $5.42 million, which the group intends to use for investments into potential property and hotel projects.

Shares in Uni-Asia last traded at $1.22 on Tuesday.