SINGAPORE (Feb 26): Global Yellow Pages (GYP), once famous for its printed directories, saw its share price rise this past week after announcing a proposed placement of new shares to former minister Mah Bow Tan, who is currently the company’s non-executive chairman.

On Feb 14, GYP said it would raise about $4.8 million by selling 24 million new shares at 20 cents each to Mah. GYP said the funds will be put towards the acquisition of a 21.9ha plot of vacant land on Bellfield Road, Papakura, New Zealand. GYP is buying the land for $35.3 million. The acquisition was proposed last year.

“While the company was deliberating on fundraising options for the proposed acquisition, which included a possibility of a placement, Mah indicated an interest to participate in a placement of shares in the company because he has confidence in the business direction of the group and wishes to show his support for the company and its fundraising plans,” said GYP in a filing on Feb 14.

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook