Hong Kong-listed BC Technology Group, the parent company of crypto platform OSL, has placed 31.95 million new shares to GIC at an issue price of HK$17 ($2.90) per share, amounting to gross proceeds of HK$543 million, or some $93 million.

Post-completion, GIC will have a 7.62% stake in BC Group.

Net proceeds from the placement are expected to amount to HK$535 million, of which HK$198 million will be used for IT-related costs, HK$237 million will be used for operating working capital, and HK$100 million will serve as reserves for future expansion in markets including UK, Singapore and the US.

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