Raffles United proposes $12 mil rights issue; another shareholder called up by CAD

Raffles United proposes $12 mil rights issue; another shareholder called up by CAD

By: 
Michelle Zhu
10/01/19, 07:39 am

SINGAPORE (Jan 10): Raffles United Holdings is seeking to raise up to $11.7 million by proposing to undertake a renounceable, non-underwritten rights issue of up to 234 million new rights shares at 5 cents each.

This represents a discount of about 39% to the counter’s closing price on Jan 8, the last trading day prior to the announcement.

Assuming full subscription, the net proceeds are estimated to be $11.6 million after deducting about $0.1 million for professional fees and related expenses.

In a Wednesday filing, the group says the rights issue will enable it to reduce its bank borrowings, finance its working capital requirements, as well as strengthen its overall balance sheet.

Raffles United has been on the SGX watchlist since Dec 5, 2018, after failing to meet the bourse’s minimum trading price criteria.

The group and its subsidiary, Kian Ho, is also being investigated by the Commercial Affairs Department (CAD) regarding an alleged offence under the Securities and Futures Act.

Raffles United on Wednesday issued a separate update announcing that its deemed substantial shareholder, Amanda Marie Teo Xian-Hui, has received an official Jan 9 notification from the CAD related to the release of her bond on Jan 3.

As per its previous updates on this matter, the group emphasises that its business and operations are not affected by the ongoing CAD investigations and will continue as normal.

Shares in Raffles United last traded at 8.2 cents on Jan 8.

Counsel argue over how witnesses' conditioned statements were prepared and used

SINGAPORE (May 27): The prosecution and defence in the 2013 penny stock crash trial on May 23 crossed swords over how conditioned statements had been prepared and the relevance of questions raised in the cross-examination of these statements. Deputy public prosecutor Peter Koy said questions by the defence counsel for alleged co-conspirators John Soh Chee Wen and Quah Su-Ling were a “distraction from the facts”. “Questions as to what was shown to the witness, what trade and telephone data was shown to the witness and which data was filtered and shown to the witness are irrelevant t....
Read More >>

Briefs

SINGAPORE (May 27): “We believe that the president of the US is engaged in a cover-up.” — US House Speaker Nancy Pelosi, following a meeting with other Democratic Party leaders on whether or not to impeach US President Donald Trump. Singapore and Malaysia suspend intercity rail project The construction of a $1.4 billion rail project linking Singapore and Malaysia’s southern state of Johor has been suspended until Sept 30. The move, which was announced on May 21, was mutually agreed to by both of the countries’ transport ministers. “This does not mean we are terminating the....
Read More >>

Entropica Labs aims to provide insights for health sciences using quantum computing

SINGAPORE (May 27): Quantum computing used to be considered a technology bordering on science fiction. But thanks to recent developments in the field, this next generation of computing is now closer to reality than before. This is opening up possibilities for many practical applications that have attracted the attention of both large corporations and entrepreneurial start-ups. One of the start-ups is Entropica Labs, which aims to develop quantum computing software to solve complex problems in the field of molecular biology. This would provide doctors with a better understanding of human phy....
Read More >>