Serial System has on July 12 placed out an aggregate of 9 million treasury shares in the capital of the company at a placement price of 15 cents per share, raising a total of $1.35 million.

The placement represents approximately 1% of the total number of issued ordinary shares excluding treasury shares of the company as of July 12, and will represent approximately 0.99% of the enlarged issued and paid-up share capital (excluding treasury shares) of the company upon completion of the placement.

The placement shares were allotted to Pheim Asset Management and Evolve Capital Management, who received 5 million and 4 million shares respectively.

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