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.

The placement price represents a discount of approximately 1.3% of the weighted average price of 15.2 cents per share of the company for trades done for the full market day on July 7 and up to the trading halt of the shares of the company at 4.15pm on July 8. 

See also: Founder of Serial System and substantial shareholder of Accrelist raise respective stakes

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According to Serial System's filing to SGX on July 12, the rationale for the placement is to strengthen the capital base of the company and increase the company’s public spread, which may in turn improve the level of trading liquidity of its shares.

Serial System intends to use the net proceeds from the placement to invest in new corporate ventures in the technology space, focusing on the FinTech aspect.

Shares in Serial System last traded at 15.2 cents before trading was halted on July 8.

Photo: Samuel Isaac Chua/The Edge Singapore