Uni-Asia raises more than S$5 million in share placement

An aerial view of Singapore’s portAn aerial view of Singapore’s port

Asset manager Uni-Asia said on Thursday it completed a placement of 5.42 million new shares, raising around S$5.42 million in net proceeds after meeting with strong demand from investors.

“Through the placement, the group hopes to broaden its shareholder base, as well as improve trading liquidity of its shares with the enlarged shareholder base,” Uni-Asia said in a filing to SGX on Thursday.

The shares were placed with around 40 investors, including institutional investors Judah Value Activist Fund, Hibiki Path Value Fund and Golden Hill Investments, as well as high net worth individuals, family offices and corporate investors, Uni-Asia said.

The proceeds are earmarked for investments in potential property and/or hotel projects, which may include ALERO projects in Japan and Hong Kong property projects, the filing said.

“The funds raised will help us enhance our financial flexibility to take on attractive projects in future,” Michio Tanamoto, Uni-Asia’s executive chairman and CEO, said in the statement.

The placement shares were issued at S$1.08 each, marking a discount of around 9.98 percent to the volume weighted average price of S$1.1998 for trades on 25 March, the filing said.

The new shares will begin trading on SGX on Friday.

Maybank KimEng Securities was the placement agent, the filing said.

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