Ntegrator International has entered placement deals to issue 172.4 million new shares to two subscribers to raise around S$1.4 million, the company said in a filing to SGX Wednesday.
The subscription shares represent around 12.09 percent of the enlarged share capital of the company, while the subscription price of S$0.0082 is an around 10 percent discount to the weighted average price of S$0.0091 for trades on 15 October, the last market day the shares were traded prior to a halt on 18 October, the company said.
Under the deals, Ntegrator will issue 70.35 million new shares in the company to Industrial Electronics Pte. Ltd. (IEPL) at S$0.0082 each, along with 70.35 million free warrants granting the right to subscribe for one new share at S$0.0082 each, the filing said.
Singapore-based IEPL, which is 99.89 percent owned by Pan Jiye and 0.11 percent owned by Woon Tin Kek and Industronics (HK), is in the business of selling watches and of doing projects for Singapore government agencies as well as selling electronics to companies, the filing said.
Ntgetrator’s Executive Director Christian Kwok-Leun Yau Heilesen has had business dealings with IEPL, the filing said.
IEPL is subscribing to the shares for investment purposes, the company said.
In addition, the company will issue 102.05 million new shares to Zheng Ze Li at S$0.0082 each, along with 102.05 million free warrants granting the right to subscribe for one new share at S$0.0082 each, the filing said. Bluemount Capital, a wholly owned subsidiary of Bluemount Financial Group, introduced Zheng to the company, the filing said.
Zheng, a Hong Kong resident, is a private investor and she is subscribing to the shares for investment purposes, the filing said.
“The company is undertaking the proposed placement exercise to provide additional general working capital to the group,” Ntegrator said. “The rationale for the issuance of the warrants, in addition to the proposed allotment and issuance of the subscription shares, is for the company to benefit from additional funds expected to be raised for working capital whenever the warrants are exercised.”
If the warrants are exercised, the new shares will represent around 10.79 percent of the enlarged share capital, the filing said.
Ntegrator’s core businesses include the design, installation and implementation of data, video, fiber optics, wireless and cellular network infrastructure and voice-communication systems.