No Signboard Holding’s deal to bring in a new investor via a share placement exercise has fell through.

Henry Chandra Tjiang, an Indonesian private investor, was to have invested $3.5 million in the seafood restaurant operator.

Under terms of the deal first announced last September, No Signboard was to issue nearly 77.8 million new shares at 4.5 cents each to Tjiang, who was introduced to No Signboard by executive chairman and CEO Lim Yong Sim.

According to No Signboard, the termination was via “mutual consent”.

“The business environment for the food and beverage industry in the group’s key market of Singapore continues to be challenging since the onset of the Covid-19 pandemic in early 2020,” states No Signboard in a Jan 11 announcement.

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“This in turn led to the current share price of company falling significantly below the issue price,” the company adds. No Signboard shares closed on Jan 11 at 3.3 cents.

No Signboard says it will look for other potential strategic investments and opportunities and other ways to raise funds.