Sanli: Proposed Placement of 33.33 million shares to raise up to S$4 million
SAC Capital Private Limited is the Placement Agent.
The Placement Shares represent approximately 12.58% of the existing issued and paid-up share capital of the Company comprising 265,067,113 Shares as at the date of this announcement (excluding 3,590,700 treasury shares) and will represent approximately 11.17% of the enlarged issued and paid-up share capital of the Company (excluding 3,590,700 treasury shares) of 298,400,446 Shares.
Sanli intends to use the net proceeds from the Proposed Placement primarily for general working capital purposes, including funding the execution of ongoing Engineering, Procurement and Construction (“EPC”) projects.
A portion of the proceeds may also be used to reduce existing borrowings, thereby strengthening the Company’s balance sheet and improving its capital structure.
The Proposed Placement is expected to enhance the Group’s financial flexibility and broaden the Company’s shareholder base, which may in turn improve the trading liquidity of its shares.