OxPay enters subscription deal with existing shareholder Tee Wee Sien

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OxPay Financial has entered a share subscription agreement with Tee Wee Sien (Zheng Weixian), who will subscribe for 3.25 million new shares at S$0.1575 each to raise around S$512,051, the payments company said in a filing to SGX Tuesday. 

Tee is a private investor and existing shareholder of OxPay, holding around 7.94 million shares, or an around 2.92 percent stake, the filing said. OxPay said Tee expressed a desire to further invest in the company.

Once the deal is completed, Tee will hold around 11.19 million shares of OxPay, or around 4.06 percent of the enlarged share capital, the filing said.

The net proceeds will be used as general working capital, OxPay said.

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