MC Payment has, through its placement agent, OCBC Securities, received subscription for 10 million new shares of the company amounting to $4.0 million in gross proceeds.

The subscription came from a group of investors including corporate veteran Toh Soon Huat, Lim Tiong Kheng, Levin Lee of Ace Peak Capital, as well as other high net-worth clients of OCBC Securities.

MC Payment says it expects to receive $3.2 million net proceeds from the share placement, of which $1.8 million will be used to redeem its outstanding Series D convertible bonds maturing in June 2021.

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