E-commerce data-analytics company Y Ventures plans a placement of 24.66 million new shares to raise around S$2.0 million to fund its expansion via strategic partnerships and acquisitions, it said in a filing to SGX Monday.
The proceeds from the Catalist-listed company are also earmarked for working capital for its core business-to-business e-commerce operations, Y Ventures said.
The placement price of S$0.0812 per share is a discount of around 9.98 percent from the volume weighted average price of S$0.0902 that Y Venture’s shares traded at on Tuesday of last week, which was the last full market day before trade was halted on Wednesday, the filing said.
The new shares represent around 10.74 percent of Y-Ventures’ enlarged share capital, with the total number of shares to rise to 229.66 million from 205.0 million before the offering, the company said.
New Executive Chairman and Director Eric Lew, will acquire a 10 percent stake in the company from major shareholder and Managing Director Adam Low.
“It was natural for me to acquire a stake in the company to align my interest with shareholders and also demonstrate my belief in the future growth of Y Ventures,” Lew said in the statement. “In addition, we are glad for the support received for this proposed placement from our high-quality investors, some of them with extensive experience in fintech and the technology space.”