APAC Realty says it will use the $2 million of the IPO proceeds that were initially allocated for the group’s working capital.

Of the $2 million, $1.25 million will go towards the refurbishment of the ERA APAC Centre in Toa Payoh, and the remaining $0.75 million will go towards enhancing the group’s technological capabilities.

SEE: UOBKH initiates coverage on APAC Realty with “hold” rating, TP 41 cents

“The Board is of the view that the re-allocation of the IPO Proceeds is in the best interests of the Group,” it says.

Shares in APAC Realty closed 2 cents higher or 4.5% up at 46.5 cents on Jan 13.